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A$ Rallies On More Hawkish RBA Outlook


Bounce Considered Corrective

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(M1) Bearish Focus

  • RES 4: 112.177 50-day EMA (cont)
  • RES 3: 112.174 0.618 proj of the Feb 26 - Mar 2 - Mar 10 price swing
  • RES 2: 112.165 High Mar 25 and the bull trigger
  • RES 1: 112.150 High Apr 8
  • PRICE: 112.115 @ 05:14 GMT Apr 9
  • SUP 1: 112.100 Low Apr 9
  • SUP 2: 112.070 Low Mar 18 and a key near-term support
  • SUP 3: 112.060 Low Mar 10
  • SUP 4: 112.026 61.8% retracement of the Feb 26 - Mar 25 rally

Schatz futures sold off Friday with initial resistance defined at 112.150, Mar 25 high. The contract also remains below key resistance at 112.165, Mar 25 high. Recent gains are considered corrective and a bearish focus remains intact. A move lower would expose support at 112.070, Mar 18 low where a break would strengthen a bearish argument and open 112.060, Mar 10 low and potentially below. Clearance of 112.165 would reinstate a bullish theme.

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