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(M2) Primary Trend Remains Down

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: 96.615 @ 20:38 BST May 16
  • SUP 1: 96.330 - Low May 4
  • SUP 2: 96.120- 3.0% Lower Bollinger Band
  • SUP 3: 96.015 - 0.5% 10-dma envelope

Aussie 3yr futures remain in a downtrend although the contract has undergone a minor recovery rally from its recent 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. Attention is on 96.120 - the 3.0% lower Bollinger Band as well as 96.015. Key short-term resistance remains at 96.945, the Apr 26 high.

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