May 13, 2024 21:45 GMT
(M4) RBA Bump Higher
AUSSIE 3-YEAR TECHS
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- 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: 96.060 @ 15:44 BST May 13
- 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 gained on the back of the RBA rate decision early last week, topping the 96.00 handle in the process. Nonetheless, the trend condition in Aussie 3yr futures remains bearish despite recent strength. The recent leg lower following the break of 96.060, the Apr 17 / 18 lows, 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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