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Bullish Price Sequence Intact

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  • RES 3: 99.795 - High Aug 20 (cont)
  • RES 2: 99.300 - High Oct 14/15
  • RES 1: 99.120 - High Oct 19 and key near-term resistance
  • PRICE: 98.905 @ 15:41 GMT Dec 02
  • SUP 1: 98.540 - Low Oct 29
  • SUP 2: 98.510 - 61.8% 2018 - 2020 Range
  • SUP 3: 97.957 - 1.0% 10-dma envelope

Aussie 3yr futures traded on a more stable footing Thursday, trading inside the week’s range so far. On Tuesday, however, prices corrected higher to touch 99.010. The move runs counter to the previously bearish trend, but markets need to top the first resistance at 99.120 to re-engage any rally. This leaves markets eyeing 98.540 Oct 29 low as first support as well as 98.510, the 61.8% level for the 2018-2020 range.