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(Z1) Gains Considered Corrective

AUSSIE 10-YEAR TECHS
  • RES 3: 98.755 - High Sep 23
  • RES 2: 98.390 - High Oct 15 and a key S/T resistance
  • RES 1: 98.235 - High Oct 28
  • PRICE: 98.150 @ 19:59 GMT Nov 3
  • SUP 1: 97.855 - Low Oct 29
  • SUP 2: 97.625 - 76.4% 2018-20 Range
  • SUP 3: 97.485 - Low Mar 19, 2020

Aussie 10y futures remain fragile despite recent gains, evidenced in Friday's decline to 97.855. The sharp move lower last week saw prices clear the major Fibonacci support at 97.957, 61.8% of the 2018 - 2020 range. This opens 97.625 next, the 76.4% retracement and 97.485 the Mar 19, 2020 low (cont). For the outlook to stabilise, markets need to break above resistance at 98.235, Oct 28 high.

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