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(M1) Resistance Remains Intact

AUSSIE 10-YEAR TECHS
  • RES 3: 99.165 - High Nov 20
  • RES 2: 99.035 - High Dec 23 and key resistance
  • RES 1: 98.410 - High May 10
  • PRICE: 98.275 @ 20:24 BST May 18
  • SUP 1: 98.220/070 - Low May 14 / Low Mar 19
  • SUP 2: 98.020 - Low Feb 26 and the bear trigger
  • SUP 3: 97.485 - Low March 2020

Aussie 10y futures remain in the shallow corrective cycle that started February 26. Recently, price has pulled away from 98.410, May 10 high and this level represents a key resistance. Directional triggers are more or less unchanged, with markets needing to top 98.410 before making any further progress through the 2021 losses. 98.22, May 14 low is support, and a break would open 98.07, Mar 19 low and the 98.02 bear trigger, Mar 26 low.

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