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CORN TECHS

(N1) Needle Still Points North

SOY TECHS

(N1) Bullish Theme

COPPER TECHS

(K1) Breaks Out Of Its Recent Range

OPTIONS

Larger FX Option Pipeline

USD

Greenback Weakness Resumes into NY Hours

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  • RES 4: 136-29 50-dma (cont)
  • RES 3: 134-20 High Feb 24
  • RES 2: 134-06+ High Feb 25
  • RES 1: 133-16+ Intraday high
  • PRICE: 133-05+ @ 16:15 GMT Mar 1
  • SUP 1: 132-08 Low Feb 26
  • SUP 2: 131-31 Low Feb 25 and the bear trigger
  • SUP 3: 131-27+ 38.2% Fib 2018 - 2020 Rally (cont)
  • SUP 4: 130-31 76.4% of the Dec 2019 - Mar 2020 rally

Despite the recovery off last week's 131-31 low, the outlook in US 10y futures remains bearish with the sequence of lower lows and lower highs intact. A break of 131-31, Feb 25 low would confirm a resumption of the downtrend and open 131-27+, a key Fibonacci retracement. Moving average studies remain in a bear mode too highlighting the current path of least resistance. Initial firm resistance is seen at 134-06+, Feb 25 high.