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AUSSIE 10-YEAR TECHS: (Z9) Underperforms the shorter-end
*RES 3: 99.1700 - All Time Highs
*RES 2: 99.1312 - 2.0% Upper Bollinger Band
*RES 1: 99.1100 - Sep 4 High
*PRICE: 99.0850 @ 15:43 GMT, Oct 1
*SUP 1: 98.7815 - 100-dma
*SUP 2: 98.5250 - July low
*SUP 3: 97.9950 - Apr18 Low
While 3yr futures managed to eke out fresh all time highs Tuesday, 10yr futures
failed to follow suit. Despite the RBA rate cut helping buoy the pair above the
50-dma, 10yr failed to replicate the bullish breakout seen at the short-end of
the curve. This suggests further bullish exhaustion, with a revisit back below
the 99.00 handle likely in the medium-term. 99.11 remains the first target for
bulls to reclaim a firmer footing ahead of all time highs at 99.17. Any
retracement below the 50-dma should be considered negative and would open the
100-dma and the July lows at 98.5250.