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(Z2) Bearish Tone

  • RES 3: 97.975 - High Mar 16
  • RES 2: 97.530 - High Mar 31
  • RES 1: 96.920/97.295 - High Oct 4 and the bull trigger / High Aug 3
  • PRICE: 96.465 @ 19:35 BST Oct 12
  • SUP 1: 96.070 - Low Sep 27 and near-term bear trigger
  • SUP 2: 95.960 - Low Jun 17
  • SUP 3: 95.504 - 1.0% 10-dma envelope

Aussie 3yr futures continue to trade closer to its recent lows, following the reversal from 96.920, the Oct 4 high. A continuation lower would expose the key support at 96.070, the Sep 27 low. Clearance of this level and 95.960, the Jun 17 low, would confirm a resumption of the broader downtrend. For bulls, key short-term resistance has been defined at 96.920. A breach of this level would instead signal scope for a stronger correction.

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