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(M4) Trend Direction Remains Down

US 10YR FUTURE TECHS
  • RES 4: 111-24 High Mar 12
  • RES 3: 111-10+ High Mar 13
  • RES 2: 110-25+/31+ 50-day EMA / High Mar 27 and key resistance
  • RES 1: 110-14 20-day EMA
  • PRICE: 109-23+ @ 17:16 BST Apr 05
  • SUP 1: 109-09+ Low Apr 03
  • SUP 2: 109-09 Lower 1.0% 10-dma envelope
  • SUP 3: 109-00 Round number support
  • SUP 4: 108-25+ 2.00 proj of Dec 27 - Jan 19 - Feb 1 price swing

A bearish theme in Treasuries remains intact and signals scope for an extension lower near-term. The move through 109.24+, the Mar 18 low and a bear trigger has confirmed a resumption of this year's downtrend. Attention is on the 109-00 handle and a break of this level would open 108-25+, a Fibonacci projection level. Key short-term resistance has been defined at 110-31+, the Mar 27 high. First resistance is 110-15, the 20-day EMA.

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