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Stocks Inch Higher, But Gains Inconsistent

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  • RES 3: 99.165 - High Nov 20
  • RES 2: 99.035 - High Dec 23 and key resistance
  • RES 1: 98.811 - 50-DMA
  • PRICE: 98.260 @ 16:28 GMT Mar 3
  • SUP 1: 98.020 - Low Feb 25
  • SUP 2: 97.927 - 3.0% Lower Bollinger Band
  • SUP 3: 97.485 - Low March 2020

Aussie bond futures fell sharply at the tail-end of last week, slipping again to hit cycle lows of 98.020 for the June contract. This adds further pressure to the already bearish outlook, particularly as prices took out the 50% Fib for the March - April 2020 recovery at 98.423. Thursday's moves open vol band support at 98.120 ahead of the March 2020 lows of 97.485. On the upside, an initial key resistance has been defined at 99.035, Dec 23 high.