May 28, 2024 21:45 GMT
(M4) Fades on Foreign Hawkish Tilt
AUSSIE 3-YEAR TECHS
- RES 3: 96.540 - High Feb 2 and a Key resistance
- RES 2: 96.506 - High Mar 11
- RES 1: 96.240 - High Apr 19
- PRICE: 96.000 @ 16:19 BST May 28
- SUP 1: 95.730 - 76.4% retracement of the Jan - Feb rally
- SUP 2: 95.480 - Low Oct 31
- SUP 3: 95.330 - 2.618 proj of the Feb 2 - Feb 14 - Mar 11 price swing
Prices reversed on both US and NZ factors last-week, putting bonds within range of the 96.00 handle. A break back below here would confirm the Aussie 3yr futures trend condition as bearish despite the recent bounce. The recent leg lower suggests potential for a continuation near-term towards 95.730, a Fibonacci retracement point. Key short-term resistance has been defined at 96.240, the Apr 19 high. A break of this level would reinstate a bullish theme and refocus attention on gains towards 96.540, the Feb 2 high (cont).
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