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(M3) Rally Fades, But Outlook Still Constructive

AUSSIE 3-YEAR TECHS
  • RES 3: 97.975 - 1.0% 10-dma envelope
  • RES 2: 97.530 - High Mar 31 (cont)
  • RES 1: 97.380 - High Mar 20
  • PRICE: 97.130 @ 16:34 BST Mar 31
  • SUP 1: 96.280 - Low Feb 22
  • SUP 2: 96.070 - Low Sep 27 and bear trigger (cont)
  • SUP 3: 95.960 - Low Jun 17 (cont)

The bounce across Aussie 3yr futures extended early Monday, however the recent 97.380 remains the high watermark for now. The March 31st 2022 high on the continuation contract sits just beyond at 97.530. Any further weakness will signal scope for a decline towards 96.070, the Sep 27 low on the continuation chart. This level is a key support and bear trigger.

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

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