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A$ Rallies On More Hawkish RBA Outlook


Bounce Considered Corrective

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(M1) Trading Closer To Recent Highs

  • RES 4: 129.75 High Feb 19
  • RES 3: 129.27 High Mar 2 and the reversal trigger
  • RES 2: 128.93 High Mar 25
  • RES 1: 128.66 High Apr 8
  • PRICE: 128.24 @ Close Apr 9
  • SUP 1: 127.32 Low Apr 1
  • SUP 2: 126.79 Low Mar 18 and the bear trigger
  • SUP 3: 126.55 Low Apr 17, 2019 (cont)
  • SUP 4: 126.00 Round number support

Gilt futures are trading closer to recent highs. Despite last week's gains, the downtrend remains intact. Attention is on key support at 126.79, Mar 18 low and the trigger for a resumption of the trend. Clearance of this level would pave the way for a test of the 126.00 handle. On the upside, initial firm resistance has been defined at 128.93, Mar 25 high. A break of this level would expose the key hurdle for bulls at 129.27, Mar 2 high.

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