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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: 97.040 - High Jan 19
  • PRICE: 96.920 @ 16:15 GMT Jan 23
  • 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 again last Thursday, providing a constructive backdrop for bulls. The bounce put prices above first key resistance at 96.958, with a close above this mark helping to shift the still-bearish backdrop. Any resumption 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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