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AUSSIE 3-YEAR TECHS: (M9) Edges to a Fresh High
*RES 3: 99.023 - 123.6% Fib Projection (97.775-98.785)
*RES 2: 98.847 - 1st Pivot Resistance 98.520-98.775
*RES 1: 98.785 - All Time High
*PRICE: 98.745 @ 14:45 BST May 6
*SUP 1: 98.539 - 23.6% Fib Retracement (97.775 - 98.775)
*SUP 2: 98.576 - 50-dma
*SUP 3: 98.409 - 100-dma
After a quiet end to the week last week, Aussie bond futures gained early Monday
on the back of the escalating trade spat between the US and China. This prompted
3yr futures to edge to a new high of 98.785, which allows bulls to retain the
upper hand. Above here, Bulls retain upside targets at the 1st pivot resistance
at 98.847 and the 123.6% Fib projection at 99.023. Momentum obviously continues
to point higher for now, but any downside move may find support at the 50-dma at
98.576. Any fall through here will dent the technical outlook and return sights
to the April lows of 95.520.