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Mediocre ACGB May-32 Supply; Cover Declines

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Japan Jun Machine Orders Recovered; +0.9% M/M

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US 10YR FUTURE TECHS
  • RES 4: 134-20 100-dma
  • RES 3: 134-06+ High Feb 25
  • RES 2: 133-23 High Mar 2
  • RES 1: 133-16+ Post-NFP High May 7
  • PRICE: 132-17 @ 11:22 BST May 12
  • SUP 1: 132-11/131-18+ 20-day EMA / Low Apr 29
  • SUP 2: 131-12 Low Apr 13 and key near-term support
  • SUP 3: 131-03+ Low Apr 6
  • SUP 4: 130-25+ Low Apr 5 and the bear trigger

US 10y futures remain below the May 7 high of 133-16+. The move higher last week and the print above the 50-day EMA does suggest scope for an extension of gains near-term. 133-16+ marks the initial resistance and a bull trigger. On the downside initial support is seen at 132-11, the 20-day EMA. A clear breach of this average would instead strengthen a bearish theme and expose support at 131-18+, Apr 29 low.

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