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(Z18) Building A Base At.......>

AUSSIE 10-YEAR TECHS: (Z18) Building A Base At 97.1950
*RES 3: 97.5950 - 50% 98.2000-96.9875
*RES 2: 97.5325 - 2-month trendline resistance
*SUP 1: 97.4069 - Short-term uptrend beginning Aug 13
*PRICE: 97.2650 @ 15:32 GMT, Oct 11
*SUP 1: 97.1950 - Oct 9 low
*SUP 2: 97.1450 - Jun7/8 low
*SUP 3: 97.0450/0500 - May/YTD Low
After Wednesday's recovery faltered, bulls had another go at challenging the
week's best levels on Thursday as a US bond rally underpinned price action. The
recovery topped out at 97.2850, but bulls will have taken confidence from spot's
ability to hold above the recent 97.25 high. It's too soon to call for a bullish
breakout, with the medium-term trend still tilted bearish, but a fresh rally
through the 50-dma will see some upside momentum return. This leaves the next
key support levels at the early June lows of 97.145. A break below there could
open a move toward the 97.050 printed in May.

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