May 23, 2022 19:20 GMT
(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: 96.640 @ 18:38 BST May 23
- SUP 1: 96.330 - Low May 4
- SUP 2: 96.148 - 3.0% Lower Bollinger Band
- SUP 3: 96.070 - 0.5% 10-dma envelope
Aussie 10yr futures are consolidating closer to its recent highs. The primary trend direction remains down. MA 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. A resumption of weakness would open 96.148 - the 3.0% lower Bollinger Band as well as 96.070. Key short-term resistance remains at 96.945, the Apr 26 high.
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