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(Z0) Sideways as RBA Still Support

AUSSIE 3-YEAR TECHS
  • RES 3: 100.00 - Psychological round number
  • RES 2: 99.886 - 3.0% Upper Bollinger Band
  • RES 1: 99.860 - All time High Nov 3 and the bull trigger
  • PRICE: 99.825 @ 15:50 GMT Nov 17
  • SUP 1: 99.760 - Low Oct 1 and 2
  • SUP 2: 99.705 - Low Sep 18, 21 and 22
  • SUP 3: 99.675 - Low Sep 7 and key support

Aussie 3yr futures retain support as the RBA cut their 3-yr yield target at the most recent meeting, boosting prices to new alltime highs up at 99.860. Since then, Aussie 3-yr futures trade within a tight range - and that'll likely remain the case across the medium-term. The downside argument is particularly fractious, but looking higher, a break of 99.860, the Nov 3 high opens 99.889.

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