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AUSSIE 3-YEAR TECHS: (H0) No Breakout Just Yet
*RES 3: 99.300 - High Dec 17
*RES 2: 99.285 - High Jan 8
*RES 1: 99.259 - 100-dma
*PRICE: 99.235 @ 16:08 GMT Jan 14
*SUP 1: 99.055 - Low Dec 31
*SUP 2: 99.041 - 1.500 projection of Dec 10 - Dec 13 decline from Dec 17 high
*SUP 3: 99.018 - 1.764 projection of Dec 10 - Dec 13 decline from Dec 17 high
Markets inched slightly higher Wednesday, but there's been no sign of a bullish
breakout just yet, with prices capped well ahead of the 99.259 100-dma. The
stable end to last week fed through into the first few sessions of this week,
supporting the argument that the break above the 100-dma was a false dawn,
keeping the near-term outlook modestly weak. To counter this, bulls need to rise
and close through the 100-dma initially. To the downside, bears could easily
recapture the balance of power on a move through 99.041 and 99.018, both
Fibonacci projection levels.