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(Z2) Fades Into Weekly Close

  • 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: 96.770 @ 15:25 GMT Nov 22
  • SUP 1: 96.070 - Low Sep 27 and near-term bear trigger
  • SUP 2: 95.960 - Low Jun 17
  • SUP 3: 95.410 - 1.0% 10-dma envelope

Aussie 3yr futures held their ground last week, but came off the highs into the Friday close. Nonetheless, the near-term trend focus remains on the sustainability of the short-term rally, with previous rallies meeting solid selling pressure. The medium-term condition remains lower for now, and a resumption of weakness would expose key support at 96.070, Sep 27 low. Clearance of this level and 95.960, the Jun 17 low, would resume the broader downtrend.

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