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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: 99.570 @ 16:49 BST Jul 7
  • 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 on June 21st and price is currently consolidating to stage a very modest recovery. 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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