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(M3) Fades Friday, But Well Off Lows

AUSSIE 10-YEAR TECHS
  • RES 3: 97.185 - High Apr 5 2022 (cont)
  • RES 2: 97.040 - High Aug 03 2022 (cont)
  • RES 1: 96.900/905 - High Mar 24 / Mar 20
  • PRICE: 96.665 @ 16:13 BST May 11
  • SUP 1: 96.445/96.372 - Low Apr 20 / Low Mar 13
  • SUP 2: 96.045 - Low Mar 3
  • SUP 3: 95.875 - Low Dec 29

Aussie 10y futures sold off on the RBA rate hike last week, but bounced solidly to erase any initial weakness. Having recovered from the Apr 28 low of 96.530, key resistance remains intact at the recent high of 96.905 on Mar 21. A break of this level would confirm a resumption of the uptrend and open the Aug 03 2022 high of 97.040 (cont). On the downside, a clear break of the 20-day EMA would highlight a short-term reversal and open 96.372, the Mar 13 low. Initial key support to watch is 96.445, the Apr 20 low.

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