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(Z2) Bounce Confirmed as Corrective

  • RES 3: 97.455 - High Mar 18
  • RES 2: 97.185 - High Apr 5
  • RES 1: 97.040/099 - High Aug 03 / 200-dma
  • PRICE: 96.065 @ 14:41 BST Oct 7
  • SUP 1: 95.865 - Low Sep 27
  • SUP 2: 95.805 - 3.0% Lower Bollinger Band
  • SUP 3: 95.670 - Low Jun 17

Aussie 10yr futures saw further support through the RBA decision early last week, hitting new recovery highs at 96.355. Nonetheless, the over-arching bear cycle remains intact, confirmed by fading prices into the Friday close. Any further dip lower will pave the way for weakness toward 95.670, the Jun 17 low on the continuation contract. Moving average studies are in a bear mode set-up, highlighting a bearish theme. Key resistance remains at 97.040, the Aug 3 high.

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