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(Z3) Bear Leg Extends Inside A Range

AUSSIE 3-YEAR TECHS
  • RES 3: 97.380 - High Mar 21 and a major resistance (cont)
  • RES 2: 97.190 - High May 5 (cont)
  • RES 1: 96.340/96.670 - High Aug 9 and Sep 4 / High Jun 2
  • PRICE: 96.090 @ 19:34 BST Sep 19
  • SUP 1: 95.730 - Low Jul 7 / 10
  • SUP 2: 95.541 - 2.618 proj of the Mar 21 - May 2 - May 5 price swing
  • SUP 3: 95.300 - 3.00 proj of the Mar 21 - May 2 - May 5 price swing

Aussie 3yr futures continue to trade below the early Sep highs. The contract is also trading inside a range and a continuation lower would signal scope for weakness towards the base of the range at 95.970, the Jul 26 low (cont). Clearance of this level would strengthen a bearish theme and highlight potential for a move towards 95.730, the Jul 7 / 10 low. The top of the range is at 96.340, Aug 9 / Sep 4 high. A break would be a bullish development.

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