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(M2) Corrective Cycle Still In Play

AUSSIE 10-YEAR TECHS
  • RES 3: 97.455 - High Mar 18
  • RES 2: 97.185 - High Apr 5
  • RES 1: 96.945 - High Apr 26 and key short-term resistance
  • PRICE: 96.670 @ 20:55 BST May 19
  • SUP 1: 96.330 - Low May 4
  • SUP 2: 96.125 - 3.0% Lower Bollinger Band
  • SUP 3: 96.027 - 0.5% 10-dma envelope

Aussie 10yr futures remain in a downtrend despite the recent recovery from its low of 96.330 on May 10. Moving average studies continue to highlight a bearish backdrop and recent weakness has maintained a bearish price sequence of lower lows and lower highs - the definition of a downtrend. The focus is on 96.125 - the 3.0% lower Bollinger Band as well as 96.027. Key short-term resistance remains at 96.945, the Apr 26 high.

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