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(U1) Bullish Engulfing Candle

AUSSIE 3-YEAR TECHS
  • RES 3: 99.927 - 1.00 proj of Jun 21 - Aug 3 - Aug 9 price swing
  • RES 2: 99.860 - All time High Nov 3 and the bull trigger
  • RES 1: 99.856 - High Jun 14
  • PRICE: 99.725 @ 15:17 BST Aug 31
  • SUP 1: 99.687 - 50-day EMA
  • SUP 2: 99.650 - Low Aug 9
  • SUP 3: 99.490 - Low Jul 6

Aussie 3y futures outlook remains bullish and the past week's sell-off is considered corrective. The strong rally Aug 30 signals the end of the recent correction lower. In pattern terms, the reversal on this day is a bullish engulfing candle. Scope is seen for a move beyond 99.795, Aug 20 high to open 99.856, levels not seen since June on the continuation chart. The all-time highs sit at 99.860. Key support is 99.650, Aug 9 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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