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(Z0) Not Far To Fall

AUSSIE 3-YEAR TECHS
  • RES 3: 99.780 - High Apr 01 and bull trigger (cont)
  • RES 2: 99.750 - High May 21 and 22 (cont)
  • RES 1: 99.730 - Congestion highs between Jun 15 - 22 (cont)
  • PRICE: 99.680 @ 15:55 BST Sep 3
  • SUP 1: 99.609 - 23.6% retracement of the Dec - Mar Rally (cont)
  • SUP 2: 99.597 - 38.2% retracement of the Mar - Apr rally (cont)
  • SUP 3: 99.557 - 200-dma

The roll saw futures pricing correct lower, but keeps the technical outlook unchanged for now. The new low watermark for Aussie 3yr futures sits at 99.660, but the RBA throttle on the market continues to keep markets supported. This makes the most likely direction from here to be sideways, but any break higher would signal potential for 99.725, Aug 4 high and the key hurdle for bulls at the 99.730 congestion highs, a level that has offered resistance between Jun 15 - 22.

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