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(U2) Outlook Deteriorating

AUSSIE 10-YEAR TECHS
  • RES 3: 97.455 - High Mar 18
  • RES 2: 97.185/275 - High Apr 5 / 200-dma
  • RES 1: 97.040 - High Aug 03
  • PRICE: 96.340 @ 16:07 BST Sep 2
  • SUP 1: 96.245 - Low Sep 1
  • SUP 2: 96.208 - 3.0% Lower Bollinger Band
  • SUP 3: 95.663 - Low Jun 16

Aussie 10yr futures slipped further late last week and have dipped below key support at 96.355, Jul 22 low. This weakens the bull cycle posted since mid-June, opening the gap with the 200-dma on the continuation contract, at 97.275. The bull trigger is 97.040, the Aug 3 high. On the downside, recent weakness suggests scope for a deeper retracement towards the mid-Jun low of 95.663.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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