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(M1) Buoyed, But Still Fragile

AUSSIE 10-YEAR TECHS
  • RES 3: 99.165 - High Nov 20
  • RES 2: 99.035 - High Dec 23 and key resistance
  • RES 1: 98.673 - 50-DMA
  • PRICE: 98.152 @ 15:56 GMT Mar 12
  • SUP 1: 98.020 - Low Feb 25
  • SUP 2: 97.951 - 2.0% Lower Bollinger Band
  • SUP 3: 97.485 - Low March 2020

Aussie bond futures remain fragile given recent volatility, slipping again to hit cycle lows of 98.020 for the June contract in early March. This adds further pressure to the already bearish outlook, particularly as prices took out the 50% Fib for the March - April 2020 recovery at 98.423. Since this low print, prices have recovered, but there are few technical signs of any bullish breakout just yet. First resistance on recovery has been taken out at 98.3388, opening the 50-dma at 98.6608.

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

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