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A$ Rallies On More Hawkish RBA Outlook


Bounce Considered Corrective

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(Z2) Continues To Climb

  • RES 4: 3883.00 High Apr 21 (cont)
  • RES 3: 3857.00 High Jun 6 (cont)
  • RES 2: 3810.00 High Aug 17 and key pivot point
  • RES 1: 3753.00 High Aug 19
  • PRICE: 3721.00 @ 05:43 GMT Nov 9
  • SUP 1: 3579.10/3526.10 20- and 50-day EMA values
  • SUP 2: 3418.00 Low Oct 21
  • SUP 3: 3352.00 Low Oct 14
  • SUP 4: 3251.00/3236.00 Low Oct 13 / 3 and a key support zone

A bullish EUROSTOXX 50 futures outlook remains intact and the contract traded higher once again yesterday. The break to a fresh short-term trend high confirms a resumption of the bull cycle that started Oct 3. This paves the way for continued gains above the 3700.00 level. The next key resistance is at 3810.00, the Aug 17 high. Firm support is seen at the 50-day EMA. The average intersects at 3534.30.

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