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(M1) Recuperating

AUSSIE 3-YEAR TECHS
  • RES 3: 100.00 - Psychological round number
  • RES 2: 99.860 - All time High Nov 3 and the bull trigger
  • RES 1: 99.840 - Nov 23/24 high
  • PRICE: 99.730 @ 17:48 GMT Mar 17
  • SUP 1: 99.641 - 1.0% Lower Bollinger Band
  • SUP 2: 99.585 - Low Mar 5
  • SUP 3: 99.552 - 38.2% 2020 Rally

The recent slip to new cycle lows has tilted the outlook from bad to worse, with 2021 lows printed at 99.585. Since then, prices have recuperated - but only very slightly. Markets are yet to counter the negative outlook, raising the risk of a more protracted downturn after prices slipped through 99.736 Fib support. To the upside, a break of 99.835, Dec 23 high would trigger gains and set the scene for a climb towards 99.840, Nov 23/24 high.

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