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(U1) Consolidating Ahead Of Recent Lows

AUSSIE 3-YEAR TECHS
  • RES 3: 99.860 - All time High Nov 3 and the bull trigger
  • RES 2: 99.689 - 50-dma (cont)
  • RES 1: 99.694 - High Jun 11
  • PRICE: 99.550 @ 15:58 BST Jul 1
  • SUP 1: 99.460 - Low Jun 21, 22
  • SUP 3: 99.458 - 50% 2020 Rally
  • SUP 3: 98.561- 1.0% 10-dma Envelope

Aussie 3y futures ebbed to new contract lows early last week and price is currently consolidating. The move lower has switched the outlook to neutral, with prices needing to top the high watermark for the U1 contract at 99.694 to return to a bullish theme. Above there, the 50-dma on the continuation contract at 99.689 becomes the next target. Next support undercuts at the 50% retracement of the 2020 rally at 99.458.

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