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(M2) RBA Presses Prices Further

  • RES 3: 98.350 - High Mar 3
  • RES 2: 97.975 - High Mar 16
  • RES 1: 97.530 - High Mar 31
  • PRICE: 97.080 @ 16:25 BST May 13
  • SUP 1: 96.675 - Low May 4
  • SUP 2: 96.612 - 3.0% Lower Bollinger Band
  • SUP 3: 96.548 - 0.5% 10-dma envelope

Aussie 3yr futures remained pinned lower following the RBA rate decision, but markets have undergone a minor recovery rally to close the week. Nonetheless, prices remain in range of the cycle lows at 96.675. This confirms 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 96.612 - the 3.0% lower Bollinger Band as well as 96.548. Key short-term resistance remains at 97.530, the Mar 31 high.

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