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(Z1) Sharp Rally

  • 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: 98.910 @ 15:57 GMT Nov 29
  • 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 rallied Friday, as global bond markets responded to the rise of a new COVID variant. This saw prices correct higher to touch 98.975. Friday’s moves run counter to the previously bearish trend, but markets need to top the first resistance at 99.120 to re-engage higher. 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.

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