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(Z2) Primary Trend Direction Remains Down

AUSSIE 10-YEAR TECHS
  • RES 3: 97.185 - High Apr 5
  • RES 2: 96.886/97.040 - High 200-dma / Aug 03
  • RES 1: 96.355 - High Oct 6
  • PRICE: 96.060 @ 15:41 GMT Nov 03
  • SUP 1: 95.675 - Low Oct 21
  • SUP 2: 95.670/613 - Low Jun 17 / 3.0% Lower Bollinger Band
  • SUP 3: 95.590 - Low Dec 2013 and a key medium-term support

Key short-term resistance in Aussie 10yr futures is at 96.355, the Oct 6 high. While price remains below this resistance, the primary trend direction remains down and confirms recent short-term gains as corrective. A resumption of weakness would pave the way for 95.670, the Jun 17 low on the continuation contract. For bulls, clearance of 96.355 is required to reinstate a bull theme and highlight scope for a stronger recovery.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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