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(H3) Weaker Into Midweek Close

  • RES 3: 97.185 - High Apr 5
  • RES 2: 97.040 - High Aug 03
  • RES 1: 96.714 - High Dec 9
  • PRICE: 96.510 @ 15:57 GMT Jan 25
  • SUP 1: 95.675 - Low Oct 24
  • SUP 2: 95.670 - Low Jun 17 and a key support
  • SUP 3: 95.360 - 1.00 proj of the Aug - Oct - Dec price swing

Aussie 10y futures faded on the back of a higher than expected inflation release Wednesday, putting prices at new weekly lows at 96.475. Nonetheless, prices remain well above the late December lows, but still short of the next material resistance at 96.714. For now, the bear leg remains in play and the recent continuation lower into end-2022 suggests scope for weakness near-term. An extension would expose the key support at 95.675, the Oct 24 low and 95.670, the Jun 17 low, on the continuation chart.

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