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Consolidating Trend *RES 3:.....>
AUSSIE 3-YEAR TECHS: Consolidating Trend
*RES 3: 99.007 - 1st Pivot Resistance 98.520-98.850
*RES 2: 98.983 - 123.6% Fib Projection (98.520-98.895)
*RES 1: 98.920 - All Time High
*PRICE: 98.890 @ 1545 BST May 28
*SUP 1: 98.698 - 50-dma
*SUP 2: 98.650 - 23.6% Fib Retracement (97.775 - 98.920)
*SUP 3: 98.507 - 100-dma
Despite a minor retracement off recent cycle highs, Aussie bond futures remain
in a consolidation phase and keeps the bullish trend intact. 1st pivot
resistance is eyed at 98.983 as the medium target, with 99.007 providing some
resistance ahead of that mark. Bulls may have trouble pushing prices to further
highs going forward, with technical indicators continuing to generate overbought
conditions. To shift the outlook negative, a retracement below the 98.650 mark
is needed, further support is located at 98.507 from the 100-dma.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.