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(H2) Continues to Fade

AUSSIE 3-YEAR TECHS
  • RES 3: 99.795 - High Aug 20 (cont)
  • RES 2: 99.300 - High Oct 14/15
  • RES 1: 99.120 - High Oct 19 and key near-term resistance
  • PRICE: 98.610 @ 16:28 GMT Jan 18
  • SUP 1: 98.540 - Low Oct 29
  • SUP 2: 98.510 - 61.8% 2018 - 2020 Range
  • SUP 3: 97.957 - 1.0% 10-dma envelope

Aussie 3yr futures are continuing to edge off the holiday season highs of 98.92, breaking through the bottom-end of the recent range. This highlights two important S/T directional triggers; 98.540, the Oct29 low, and first resistance at 99.120. Markets need to top this last level to re-engage any rally and this would open 99.300, the Oct 14/15 high. A break of support at 98.540, would resume the downtrend and open 98.510, the 61.8% retracement of the 2018 - 2020 range.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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