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2-Year JGB Supply Passes Smoothly

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Curve Twist Steepens, Futures Narrow

BUND TECHS
  • RES 4: 172.78 0.764 proj of the Feb 25 - Mar 11 - Mar 18 price swing
  • RES 3: 172.66 High Mar 25
  • RES 2: 172.34 High Mar 29
  • RES 1: 172.06 High Apr 7
  • PRICE: 171.64 @ 04:59 GMT Apr 8
  • SUP 1: 170.71 Low Mar 30
  • SUP 2: 170.52 Low Mar 18 and key support
  • SUP 3: 170.00 Round number support
  • SUP 4: 169.24 Low Feb 24 and major support

Bund futures failed to hold onto yesterday's high and closed near session lows. Attention remains on key S/T support at 170.52, Mar 18 low. Clearance of this level would strengthen a bearish argument and signal scope for a deeper sell-off. The recent move lower since Mar 25 suggests the entire recovery between Feb 25 - Mar 25 has been a correction and that this correction is possibly over. Key resistance is at 172.66, Mar 25 high.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com
MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com