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(Z2) Trend Outlook Remains Bearish

  • 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: 95.980 @ 15:43 BST Oct 19
  • SUP 1: 95.815 - Low Sep 29
  • SUP 2: 95.670/663 - 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. The primary trend direction remains down and a continuation lower will pave the way for weakness towards 95.670, the Jun 17 low on the continuation contract. Moving average studies are in a bear mode set-up, highlighting a broader downtrend. On the upside, clearance of 96.355 is required to reinstate a bull theme and highlight scope for a stronger recovery.

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