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AUSSIE 10-YEAR TECHS

(U1) Needle Points North

AUSSIE 3-YEAR TECHS

(U1) Holding Onto Gains

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  • RES 4: $488.40 - High May 10 and the bull trigger
  • RES 3: $471.10/78.55 - High Jun 1 / High May 18
  • RES 2: $460.10 - High Jun 11
  • RES 1: $440.45 - High Jun 16
  • PRICE: $419.15 @ 12:55 BST Jun 18
  • SUP 1: $416.25 - Low Jun 17
  • SUP 2: $406.55 - 76.4% retracement of the Apr 3 - May 10 rally
  • SUP 3: $400.00 - Low Apr 12
  • SUP 4: $396.08 - Major trendline drawn from Mar 19, 2020 low (cont)

Copper remains weak. Tuesday's sell-off resulted in a break of the 50-day EMA. The subsequent follow through and a break of trendline support at $423.86 reinforces the current bearish theme. The trendline is drawn off the Oct 2, 2020 low. Attention is at $405.66, a Fibonacci retracement. On the upside, initial resistance is seen at $440.45, Jun 16 high. A break above $460.10, Jun 11 high though is required to signal a reversal.