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(M2) Corrective Cycle Still In Play

  • RES 3: 98.350 - High Mar 3
  • RES 2: 97.975 - High Mar 16
  • RES 1: 97.530 - High Mar 31
  • PRICE: 97.165 @ 15:05 BST May 27
  • SUP 1: 96.675 - Low May 4 and the bear trigger
  • SUP 2: 96.612 - 3.0% Lower Bollinger Band
  • SUP 3: 96.570- 0.5% 10-dma envelope

The primary trend direction in Aussie 3yr futures remains down and current short-term gains are still considered corrective. A primary bearish price sequence of lower lows and lower highs remains intact and moving average studies point south. A resumption of weakness would open 96.612 - the 3.0% lower Bollinger Band as well as 96.570, the lower band of a moving average envelope. Key short-term resistance is at 97.530, the Mar 31 high.

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