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CROSS ASSET

Risk-On Fulled By US Infra Spend

GILTS

Opening calls

SOUTH AFRICA

SAGBs Firm at the Open, Risk Premia Ease W/W

(H0) Near-term Top In? *RES....>

AUSSIE 10-YEAR TECHS
AUSSIE 10-YEAR TECHS: (H0) Near-term Top In?
*RES 3: 98.9004 - 100-DMA
*RES 2: 98.8950 - High Dec 10 and 11
*RES 1: 98.8600 - High Jan 8
*PRICE: 98.7350 @ 16:33 GMT, Jan 08
*SUP 1: 98.5700 - Low Jan 2
*SUP 2: 98.5348 - 1.236 projection of Dec 5 - Dec 13 decline from Dec 18 high
*SUP 3: 98.4976 - 1.382 projection of Dec 5 - Dec 13 decline from Dec 18 high
Markets saw a high print of 98.8600 this week on the back of the Iranian missile
retaliation, but these gains were rapidly pared into the close as tensions
swiftly de-escalated. This suggests the Wednesday high could mark a near-term
top, prompting bears to re-target the 98.5700 YTD low in the medium term should
the 200-dma at 98.7117 give way. This bearish cycle has been in place since Nov
28. The focus is on a move towards 98.5348 and 98.4976 next, both Fibonacci
projection levels.