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A$ Rallies On More Hawkish RBA Outlook


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(M18) 121.16 Now Protects Key............>

GILT TECHS: (M18) 121.16 Now Protects Key 120.72-120.64 Area
*RES 4: 122.84 Apr 11, Apr 18 highs
*RES 3: 122.49 Apr 6 high
*RES 2: 122.00 Apr 20 high
*RES 1: 121.70/80 Hourly resistance
*PRICE: 121.36 @0734GMT 
*SUP 1: 121.16 50% Fibo of 119.29-123.03, intraday low
*SUP 2: 120.72 61.8% Fibo of 119.29-123.03
*SUP 3: 120.69/70 Mar 21 low, 1% volatility band
*SUP 4: 120.64 1.618 swing of 121.48-122.84
*COMMENTARY* Having held the 121.48-121.44 area earlier in the week, last
Wednesday saw a fresh attempt at a rally, which was curtailed again by the Apr
11 high at 122.84. The following pullback has lost support from both 121.80 and
121.44, which sees focus next on the 50% Fibo retrace level at 121.16 which in
turn protects next key area, which may prove tough,  between 120.72-120.64.
Meanwhile, resistance comes from 121.70-121.80 and then Friday's 122.00 high.

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