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AUSSIE 3-YEAR TECHS

(Z1) Sell-Off Abates

AUSSIE BONDS

Parallel Shift In Futures Overnight

RBNZ

VIEW: ASB Looking For Higher Peak In OCR

ASIA

Coming up in the Asia-Pac session on Thursday:

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  • RES 3: 99.165 - High Nov 20, 2020
  • RES 2: 98.996 - 76.4% retracement of the Oct '20 - Feb sell-off
  • RES 1: 98.780 - High Sep 16
  • PRICE: 98.545 @ 15:53 BST Sep 27
  • SUP 1: 98.510 - Low Sep 27
  • SUP 2: 98.495 - Low Jul 6
  • SUP 3: 98.320 - Low Jun 17

Aussie 10y futures continue to weaken and the recent break of former support at 98.665, Sep 8 low reinforces a bearish sequence of lower lows and lower highs that defines a downtrend. Continued weakness would signal scope towards 98.495, Jul 6 low (cont). The contract needs to re-take 98.780, Sep 16 high to reinvigorate the upside argument, but for now a bearish threat dominates.