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(U2) Through Key Support

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: 96.670 @ 16:11 BST Sep 6
  • 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 recovered off bottom last week, but still hold close to the recent lows. Price has shown below the first key support parameter at 96.610. This weakens the trend outlook for now and threatens a bullish case. Instead, last week’s price action signals scope for a deeper pullback. A resumption of gains would pave the way for strength towards 97.295, the Mar 8 high and bull trigger.

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