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(M2) Corrective Rally Stalls

AUSSIE 3-YEAR TECHS
  • RES 3: 98.350 - High Mar 3
  • RES 2: 97.975 - High Mar 16
  • RES 1: 97.530 - High MAr 31
  • PRICE: 97.405 @ 13:06 BST Apr 18
  • SUP 1: 97.185 - Low Apr 6
  • SUP 2: 97.030 - Low Sep 2014
  • SUP 3: 96.846 - 0.5% 10-dma envelope

Aussie 3yr futures bounced Wednesday, but rallies remain corrective for now. The contract traded to a fresh cycle low on Apr 7, to once again confirm an extension of the downtrend and the bearish price sequence of lower lows and lower highs. This keeps the focus pointed lower for now and attention is on 97.030 - the Sep 2014 low. Moving average studies remain in bear mode highlighting the current trend direction. Key short-term resistance is at 97.530, the Mar 31 high.

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