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JGB TECHS

(M1) Bullish Focus

AUSSIE 10-YEAR TECHS

(M1) New Multi-Month Highs

AUSSIE 3-YEAR TECHS

(M1) Directional Triggers Intact

USDCAD TECHS

Approaching Major Support

US TSYS SUMMARY

Inflation Concerns Underpin Bear Steepening

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  • RES 4: 129.75 High Feb 19
  • RES 3: 129.09/27 High Apr 23 and the reversal trigger / High Mar 2
  • RES 2: 128.66/128.80 High Apr 26 / 50-day EMA
  • RES 1: 128.27 High MAy 4
  • PRICE: 128.17 @ Close May 4
  • SUP 1: 127.40 Low Apr 29
  • SUP 2: 127.32 Low Apr 1
  • SUP 3: 126.79 Low Mar 18 and the bear trigger
  • SUP 4: 126.55 Low Apr 17, 2019 (cont)

Gilt futures traded higher yesterday. Despite these gains a bearish theme remains intact after last week's breach of former support at 127.81, Apr 14 low. This move strengthens a bearish case following the recent pullback from 129.09, Apr 23 high and the area of resistance around the 50-day EMA. An extension lower would open 127.32, Apr 1 low ahead of the key support at 126.79, Mar 18 low. Key resistance is unchanged at 129.09.