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(M2) Renewed Downside Pressure

AUSSIE 3-YEAR TECHS
  • RES 3: 99.795 - High Aug 20 (cont)
  • RES 2: 99.300 - High Oct 14/15
  • RES 1: 98.675/920 - High Feb 1 / High Dec 29 and key resistance
  • PRICE: 97.460 @ 15:55 GMT Mar 31
  • SUP 1: 97.250 - Low Mar 29
  • SUP 2: 96.850 - 0.5% 10-dma envelope
  • SUP 3: 97.030 - Low Sep 2014

Aussie 3yr futures extended losses Monday, hitting new cycle lows of 97.250 on the latest downtick. This puts prices through both the last levels of support layered at the 2018 lows and opens losses toward 97.030 - this level marks the Sep 2014 low - and would spell further losses on a break below. Prices have recovered somewhat since, but rallies look corrective, with the focus still tilted lower for now.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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