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(H3) Constructive Price Action

AUSSIE 3-YEAR TECHS
  • RES 3: 97.530 - High Mar 31 (cont)
  • RES 2: 97.295 - High Aug 3 (cont)
  • RES 1: 96.958 - High Dec 12 and a key resistance
  • PRICE: 96.880 @ 16:34 GMT Jan 18
  • SUP 1: 96.300 Oct 26
  • SUP 2: 96.070 - Low Sep 27 and bear trigger (cont)
  • SUP 3: 95.960 - Low Jun 17 (cont)

Aussie 3yr futures rallied further Wednesday, providing a constructive backdrop for bulls. Despite the bounce, however, prices still hold shy of the first key resistance at 96.958 and bulls will need to top this mark to shift the still-bearish backdrop. Any continuation lower would signal scope for weakness towards 96.070, the Sep 27 low on the continuation chart. This level is a key support and bear trigger.

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

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