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(M3) Short-Lived Slide 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: 96.940 @ 16:02 BST May 02
  • SUP 1: 96.750/280 - Low May 2 / 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 slid sharply Tuesday on the back of the unexpected RBA rate hike, prompting a new multi-week low of 96.750. The slide was short-lived, however, as prices recovered across European and US hours. Contract nows sits either side of the 20-day EMA of 96.996. Nonetheless, the recent 97.380 peak remains the high watermark for now. A break of this level would confirm a resumption of the uptrend that started late February.

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