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(Z3) Dovish RBA Cements Recent 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: 95.485 @ 15:57 GMT Nov 27
  • SUP 1: 95.134 - Lower 2.0% Bollinger Band
  • SUP 2: 94.965 - Low Oct 31
  • SUP 3: 94.242 - 1.0% 10-dma envelope

Aussie 10yr futures stabilised above the pullback lows. 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 95.005, the 3.0% Lower Bollinger Band. Initial key resistance has been defined at 96.050, the Sep 4 high.

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

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