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(M3) Returns Lower

AUSSIE 3-YEAR TECHS
  • RES 3: 97.921 - 1.0% 10-dma envelope
  • RES 2: 97.480 - High Apr 19 2022 (cont)
  • RES 1: 97.380 - High Mar 20 and the bull trigger
  • PRICE: 96.430 @ 15:36 BST Jun 02
  • SUP 1: 96.390/280 - Low Jun 05 / Low Feb 22 (cont)
  • SUP 2: 96.070 - Low Sep 27 and bear trigger (cont)
  • SUP 3: 95.960 - Low Jun 17 (cont)

Aussie 3yr futures started the week poorly, drifting to a new pullback low at 96.390. This puts markets further below the RBA-inspired 96.750 printed earlier in the month. The recent move lower opens losses toward the Feb 22 low on the continuation contract at 96.280. To the upside, the recent 97.380 peak remains the high watermark. A break of this level would confirm a resumption of the uptrend that started late February.

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

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