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(Z2) Sell-Rallies Theme Intact

  • 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: 96.530 @ 14:06 GMT Nov 02
  • 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 have erased the entirety of the early week’s strength, putting the price back to the mid-point of the recent range. This firms the view that short-term gains should be considered corrective and the primary trend direction remains down. Key resistance has been defined at 96.920, the Oct 4 high, where a break is required to signal a stronger reversal. On the downside, 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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