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(H3) Falters on Firm CPI

  • RES 3: 97.530 - High Mar 31 (cont)
  • RES 2: 97.295 - High Aug 3 (cont)
  • RES 1: 97.040 - High Jan 19
  • PRICE: 96.880 @ 15:53 GMT Jan 25
  • 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 faltered Wednesday on the back of a hot CPI release, putting prices to the lowest levels of the week. The slippage comes following a solid YTD rally, which has provided 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.

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