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Neutral Start to the Week

  • RES 3: 97.040 - High Aug 03 2022 (cont)
  • RES 2: 96.780/975 - High May 5 / High MAr 14
  • RES 1: 96.440 - High Jun 2
  • PRICE: 96.025 @ 16:07 BST Jul 24
  • SUP 1: 95.685 - Low Jul 7
  • SUP 2: 95.670 - Low Jun 17 2022
  • SUP 3: 95.094 - 1.0% 10-dma envelope

The recent bounce for Aussie 10y futures faded into the Thursday close, weighed on by a better-than-expect Australian jobs report. The week’s early bounce failed to run into any meaningful resistance - first crossing at 96.440. This level will need to be challenged before any turn higher in the near-term outlook. Note that moving average studies remain in bear mode, highlighting the trend direction. First support sits at the Dec 29 low of 95.670. A break would accelerate losses.

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