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AUSSIE 3-YEAR TECHS: (Z4) Bullish Backdrop Erased

AUSSIE 3-YEAR TECHS
BulletMarketsFixed Income BulletsFixed Income Technical Analysis
  • 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: 95.970 @ 16:02 GMT Oct 30
  • SUP 1: 95.930 - Low Oct 31
  • SUP 2: 95.820 - Low Jun 20
  • SUP 3: 95.480 - Low Jan 11 2023 and a major support 

Prices hit a fresh pullback low at 95.930 Thursday, extending losses through the 96.080 support - a new pullback low. Nonetheless, there remain signs that the pullback in prices is corrective as of now. Note that on the continuation chart, moving average studies remain in a bull-mode position and this highlights a medium-term uptrend. Scope is seen for a climb towards 96.932, a Fibonacci retracement point on the continuation chart. Initial firm support lies at 95.820, the Jun 20 low. 

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  • 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: 95.970 @ 16:02 GMT Oct 30
  • SUP 1: 95.930 - Low Oct 31
  • SUP 2: 95.820 - Low Jun 20
  • SUP 3: 95.480 - Low Jan 11 2023 and a major support 

Prices hit a fresh pullback low at 95.930 Thursday, extending losses through the 96.080 support - a new pullback low. Nonetheless, there remain signs that the pullback in prices is corrective as of now. Note that on the continuation chart, moving average studies remain in a bull-mode position and this highlights a medium-term uptrend. Scope is seen for a climb towards 96.932, a Fibonacci retracement point on the continuation chart. Initial firm support lies at 95.820, the Jun 20 low.