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(H2) Weakens Further

AUSSIE 3-YEAR TECHS
  • RES 3: 99.795 - High Aug 20 (cont)
  • RES 2: 99.300 - High Oct 14/15
  • RES 1: 98.775/920 - High Oct 19 and key near-term resistance
  • PRICE: 98.425 @ 16:00 GMT Feb 09
  • SUP 1: 98.375 - Low Feb 8
  • SUP 2: 98.191 - 76.4% 2018 - 2020 Range
  • SUP 3: 98.071 - 0.5% 10-dma envelope

The downtrend in Aussie 3yr futures extended into the weekly close, with prices again testing key support at contract lows. The clean break of 98.510, marking the 61.8% Fibonacci retracement of the 2018 - 2020 range, represents a bearish development, opening losses toward 98.191 over the medium-term. On the upside, 98.775, Jan 12 high and 98.920, Dec 29 high are the two resistance levels to watch.

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

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