AUSSIE 3-YEAR TECHS: (M5) Rallies Off Lower Levels
- RES 3: 97.190 - High May 5 2023
- RES 2: 96.932 - 76.4% of Mar-Nov ‘23 bear leg
- RES 1: 96.860 - High Apr 07
- PRICE: 96.610 @ 16:35 BST May 29
- SUP 1: 95.900 - Low Jan 14
- SUP 2: 95.760 - Low 14 Nov ‘24
- SUP 3: 95.480 - Low Jan 11 2023 and a major support
Aussie 3-yr futures rallied off lower levels on the RBA rate cut and guidance last week, however prices remain south of the 50-dma for now. The recent rally took out resistance at 96.730, the Sep 17 ‘24 high, however momentum faltered, leaving 96.860 resistance intact. This remains the key level to the upside. Instead, a continuation lower would strengthen a bearish theme. This would refocus attention on 95.760, the 14 Nov ‘24 low. A reversal higher would refocus attention on 96.860, the Apr 7 high.
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AUSSIE 3-YEAR TECHS: (M5) Within Range of Highs
- RES 3: 97.190 - High May 5 2023
- RES 2: 96.932 - 76.4% of Mar-Nov ‘23 bear leg
- RES 1: 96.860 - High Apr 07
- PRICE: 96.710 @ 16:04 GMT Apr 29
- SUP 1: 95.900 - Low Jan 14
- SUP 2: 95.760 - Low 14 Nov ‘24
- SUP 3: 95.480 - Low Jan 11 2023 and a major support
Aussie 3-yr futures continue to circle just below recent contract highs, having cleared resistance on the continuation contract. The rally has taken out resistance at 96.730, the Sep 17 ‘24 high. On the downside, any reversal lower from current levels would signal a resumption of a downtrend. A deeper sell-off would refocus attention on 95.760, the 14 Nov ‘24 low.
ASIA: Coming Up In Asia Pac Markets On Wednesday
| 0000BST | 0700HKT | 0900AEST | South Korea Mar IP |
| 0000BST | 0700HKT | 0900AEST | South Korea Mar Cyclical Leading Index |
| 0001BST | 0701HKT | 0901AEST | UK Apr Lloyds Business Barometer |
| 0050BST | 0750HKT | 0950AEST | Japan Mar P IP |
| 0050BST | 0750HKT | 0950AEST | Japan Mar Retail Sales |
| 0200BST | 0900HKT | 1100AEST | New Zealand ANZ Business Confidence |
| 0230BST | 0930HKT | 1130AEST | Australia Q1 CPI |
| 0230BST | 0930HKT | 1130AEST | Australia Mar CPI |
| 0230BST | 0930HKT | 1130AEST | Australia Mar Private Credit |
| 0230BST | 0930HKT | 1130AEST | China April PMIs |
| 0245BST | 0945HKT | 1145AEST | China Apr Caixin Manufacturing PMI |
| 0600BST | 1300HKT | 1500AEST | Japan Mar Housing Starts |
| 0600BST | 1300HKT | 1500AEST | Japan Feb F Leading Index |
EUROPEAN DATA: Portugal Delays Key Wednesday Data Releases Due To Power Outage
Portugal is delaying release of its inflation, retail sales and Q1 GDP data from April 30 (tomorrow) to May 2 (Friday) due to the national electricity blackout, per national stats agency INE.
