November 06, 2024 22:45 GMT
AUSSIE 3-YEAR TECHS: (Z4) Bearish Backdrop Building
AUSSIE 3-YEAR TECHS
- RES 3: 96.380 - High Mar 21 2023
- RES 2: 97.190 - High May 5 2023
- RES 1: 96.730/932 - High Sep 17 / 76.4% of Mar-Nov ‘23 bear leg
- PRICE: 95.860 @ 15:02 GMT Nov 06
- SUP 1: 95.810 - Low Nov 06
- SUP 2: 95.750 - Low 27 Nov ‘23
- SUP 3: 95.480 - Low Jan 11 2023 and a major support
Prices hit a fresh pullback low at 95.810 following the US Presidential election and the fallout of the RBA rate decision, extending losses on the break through 96.080 support. This confirms the downside bias, with support undercutting at 95.750 below ahead of major support of 95.480. For any corrective recovery to take hold, markets need to retake the 96.00 handle on a closing basis.
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