Free Trial

(U3) Edges Lower Despite Dovish RBA

AUSSIE 10-YEAR TECHS
  • RES 3: 97.040 - High Aug 03 2022 (cont)
  • RES 2: 96.780/975 - High May 5 / High MAr 14
  • RES 1: 96.440 - High Jun 2
  • PRICE: 95.910 @ 15:43 BST Aug 07
  • SUP 1: 95.685 - Low Jul 7
  • SUP 2: 95.670 - Low Jun 17 2022
  • SUP 3: 95.094 - 1.0% 10-dma envelope

Prices backtracked until a poorer-than-expected July NFP helped support Aussie 10y futures into the Friday close. Nonetheless, the recent recovery is yet to encounter meaningful resistance - first crossing at 96.440. This level will need to be challenged before any turn higher in the near-term outlook. Note that moving average studies remain in bear mode, highlighting the trend direction. First support sits at the Dec 29 low of 95.670. A break would accelerate losses.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.