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(U2) Bull Cycle Still In Play

  • RES 3: 97.455 - High Mar 18
  • RES 2: 97.185/348 - High Apr 5 / 200-dma
  • RES 1: 97.040 - High Aug 03
  • PRICE: 96.620 @ 16:16 BST Aug 11
  • SUP 1: 96.355 - Low Jul 22
  • SUP 2: 96.127 - 3.0% Lower Bollinger Band
  • SUP 3: 95.663 - Low Jun 16

Aussie 10yr futures remain above key support at 96.355, the Jul 22 low. The bull cycle that started off the mid-June lows remains intact and targets the 200-dma on the continuation contract at 97.348, which marks the next upside hurdle. On the downside, a failure to remain above support at 96.355 would instead signal a reversal and suggest scope for a deeper retracement towards the mid-Jun low of 95.663.

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