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(U2) Bounce Still Shy of First Resistance

AUSSIE 3-YEAR TECHS
  • RES 3: 97.975 - High Mar 16
  • RES 2: 97.530 - High Mar 31
  • RES 1: 97.295 - High Aug 2 / 3
  • PRICE: 96.888 @ 15:48 BST Sep 9
  • SUP 1: 96.526 - 2.0% Lower Bollinger Band
  • SUP 2: 96.520 - Low Aug 30
  • SUP 3: 95.920 - Low Jun 16

Aussie 3yr futures held the bulk of the week’s recovery into the Friday close, garnering some support from a dovish appearance from RBA’s Lowe. A resumption of gains would pave the way for strength towards 97.295, the Mar 8 high and bull trigger. For the downside to take hold going forward, price has shown below the first key support parameter at 96.610. This weakens the trend outlook for now and threatens a bullish case.

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