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(M3) Bearish Outlook

AUSSIE 3-YEAR TECHS
  • RES 3: 97.380 - High Mar 20 and a major resistance (cont)
  • RES 2: 97.190 - High May 5 (cont)
  • RES 1: 96.730 - High Jun 2
  • PRICE: 96.120 @ 16:10 BST Jun 27
  • SUP 1: 95.960 Low Jun 17 2022 low (cont)
  • SUP 2: 95.451 - 2.618 proj of the Mar 21 - May 2 - May 5 price swing
  • SUP 3: 95.161 - 1.0% 10-dma envelope

Aussie 3yr futures have traded to a fresh cycle low of 95.980 last week. Price recently cleared the February lows on the continuation contract, and attention is on a key support at 95.960, the Jun 17 2022 low (cont). Clearance of this level would confirm a key bearish medium-term development and signal scope for an extension towards 95.451, a Fibonacci projection. Initial key resistance is seen at 96.730, the Jun 2 high.

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