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CHINA RATES

Futures Hit Contract High

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Equities Dip Lends Support

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MPC Meeting Minutes Released

AUSTRALIA DATA

Australia Q1 Wage Price Index Up 0.6% Q/Q

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  • RES 4: 135.440 High Mar 29
  • RES 3: 135.350 High Apr 8 and key near-term resistance
  • RES 2: 135.180 High Apr 14
  • RES 1: 135.001/050 20-day EMA / High Apr 22
  • PRICE: 134.840 @ 05:04 BST Apr 28
  • SUP 1: 134.800 Low Apr 22 and intraday low
  • SUP 2: 134.660 Low Apr 20 and intraday bear trigger
  • SUP 3: 134.466 76.4% retracement of the Feb 26 - Mar 25 rally
  • SUP 4: 134.140 Low Feb 26 and key support

Bobl futures continue to consolidate and remain above last week's lows. The contract tested its 20-day EMA on Apr 22. Clearance of this average, at 135.001, would strengthen a short-term bullish theme and pave the way for strength towards 135.180, Apr 14 high. A key short-term support has been defined at 134.660, Apr 20 low. A break is required to reinstate the recent bearish focus and the current downward cycle that started Mar 25.