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(H2) Bearish Outlook Intact

  • RES 3: 98.755 - High Sep 23
  • RES 2: 98.430/460 - High Dec 21 / 06
  • RES 1: 98.130 High Feb 3
  • PRICE: 97.845 @ 16:45 GMT Mar 2
  • SUP 1: 97.680 - Low Feb 23
  • SUP 2: 97.625 - 76.4% 2018-20 Range
  • SUP 3: 97.485 - Low Mar 19, 2020 & 0.5% 10-dma envelope

Aussie 10y futures edged to fresh lows on Feb 24 before rebounding back into its recent range. The low print reinforces bearish conditions and opens the next leg of weakness toward 97.625. A bearish theme follows the pull back in January and February, erasing strength that saw prices rise to challenge early December highs of 98.460. This remains the key resistance area and a break through here would open potential for gains toward 98.755, the Sep 23 high.

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