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(U1) Bias Switches Higher

AUSSIE 10-YEAR TECHS
  • RES 3: 99.165 - High Nov 20
  • RES 2: 99.035 - High Dec 23 and key resistance
  • RES 1: 98.730 - High Jul 8
  • PRICE: 98.660 @ 16:22 BST Jul 12
  • SUP 1: 98.367 - 50-dma
  • SUP 2: 98.309 - 61.8% Retracement of the May Rally
  • SUP 3: 97.485 - Low March 2020

Aussie 10y futures continue their medium-term trend higher, extending gains to top out at 98.730, the Jul 8 high. This improves the outlook going forward, with the probability of progress through the 2021 losses increasing over the past few weeks. The recent cycle lower is considered a correction. 98.220, May 14 low (cont) is support. A break would open 98.070, Mar 19 low and the 98.020 bear trigger, Mar 26 low.

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