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AUSTRALIA

Speculation Re: Sydney COVID Cases

AUSSIE BONDS

Futures Off Lows, Curve Still Steeper

SOUTH AFRICA

The pair has this week resumed the downtrend, extending weakness below 15.00.

  • A bear channel drawn off the Apr 24 high, highlights the broader parameters of the current downtrend.
  • The base intersects at 13.9459 and represents a medium-term objective.
  • Ahead of this level, scope is seen for weakness towards 14.2741, Jan 23 low.
  • Initial resistance is at 14.8800, low Dec 9 and a recent breakout level.
  • Support levels that lie ahead:
    • SUP 1: 14.5239 Low Jan 29
    • SUP 2: 14.2741 Low Jan 23
    • SUP 3: 14.0633 1.236 proj of Apr - Jun downleg from the Aug high
    • SUP 4: 13.9326 Low Jan 2 and a major support