November 17, 2023 23:15 GMT
(Z3) Dovish RBA Cements Last Week’s Strength
AUSSIE 10-YEAR TECHS
- RES 3: 96.160 - High Jul 20
- RES 2: 96.050 - High Sep 4 and a key resistance
- RES 1: 95.924 - High Sep 15
- PRICE: 95.525 @ 16:23 GMT Nov 17
- SUP 1: 94.965 - Low Oct 31
- SUP 2: 94.951 - Lower 2.0% Bollinger Band
- SUP 3: 94.242 - 1.0% 10-dma envelope
Aussie 10yr futures returned higher following the US CPI print, nearing last week’s highs of 95.590 in the process. This reinforces the near-term bottom at 94.965. Nonetheless, nearby resistance remains intact for now, keeping the broader trend direction down. Key support and the bear trigger at 95.660/95.670, the Aug 17 low/Jun 17 2022 low has been breached, confirming the resumption of the medium-term downtrend. The focus is on 95.102, the 3.0% Lower Bollinger Band. Initial key resistance has been defined at 96.050, the Sep 4 high.
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