May 30, 2024 22:15 GMT
(M4) Trend Needle Continues To Point South
AUSSIE 10-YEAR TECHS
- RES 3: 96.207 - 61.8% of the Mar 14 - Nov 1 ‘23 bear leg
- RES 2: 96.110 - High Dec 28 and the bull trigger
- RES 1: 95.825 - High May 16
- PRICE: 95.555 @ 15:43 BST May 30
- SUP 1: 95.235 - 76.4% retracement of the Nov - Dec ‘23 rally
- SUP 2: 94.965 - Low Oct 31 ‘23
- SUP 3: 94.866 - 2.618 proj of the Dec 28 - Jan 19 - Feb 2 price swing
The bearish cycle in Aussie 10yr futures persists, despite the corrective bounce on the US CPI release last week. The return lower this week signals scope for a move towards 95.235, a Fibonacci retracement point on the continuation chart. Key short-term resistance has been pierced at 95.800, the Apr 19 high. A firm break would highlight a possible reversal and signal scope for a climb towards 96.110, the Dec 28 high.
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