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(M1) Outlook Remains Bearish

  • RES 3: 99.165 - High Nov 20
  • RES 2: 99.035 - High Dec 23 and key resistance
  • RES 1: 98.509 - 50-DMA (cont)
  • PRICE: 98.170 @ 16:15 GMT Mar 31
  • SUP 1: 98.070 - Low Mar 19
  • SUP 2: 98.020/115 - Low Feb 26 / 2.0% Lower Bollinger Band
  • SUP 3: 97.485 - Low March 2020

Aussie 10y bond futures remain fragile given recent volatility. In late February, the contract slipped to hit cycle lows of 98.020 for the June contract. 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 the low print, prices have recovered, but there are few technical signs of any bullish breakout just yet. The 50-dma at 98.509 (cont) marks a firm resistance.

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