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AUSSIE 3-YEAR TECHS: (Z18) Paused
*RES 3: 98.110 - High Nov 30, 17
*RES 2: 98.092 - 61.8% 98.350-97.675
*RES 1: 98.067 - 38.2% 98.700-97.675
*PRICE: 97.830 @ 16:12 GMT, Nov 12
*SUP 1: 97.764 - 76.4% 97.675-98.050
*SUP 2: 97.753 - Trendline Support
*SUP 3: 97.727 - 50% 96.754-98.700
Monday price action was uninspiring, with bulls still licking their wounds after
a drubbing from the beginning of last week. Losses accelerated on the break
through mid-September lows, pressing Dec-18 futures to 97.775, the lowest level
since mid-June on Friday. This shifts the downside target to 97.764, the 76.4%
retracement of the 97.675-98.050 move. This cements the negative outlook and
keeps short-term momentum in favour of the bears. Bulls are forced to target
97.98 and will need to recover above here to repair the picture. A break above
here would keep recent highs printed in early September at 98.05 in focus.