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(Z3) Dovish RBA Cements 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: 95.410 @ 16:13 GMT Nov 09
  • 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 rallied sharply Tuesday in response to the dovish hike from the RBA. 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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