MNI US Morning Fixed Income Technical Analysis

By Les Castell

     Click below for today's MNI US Morning FI Technical Analysis Report -

http://tinyurl.com/h8pyhnq

US 5YR FUTURE TECHS: (U17) Recovers To Retest July High At 118-097

*RES 4: 118-277 Median line off Mar & May lows

*RES 3: 118-247 Jun 14 high

*RES 2: 118-140/145 Jun 26 high, 76.4% of 118-247/117-132

*RES 1: 118-095/097 Jul 24, Jul 21 highs

*PRICE: 118-067 @1013GMT

*SUP 1: 118-010/030 Aug 1 low, hourly support

*SUP 2: 117-302 Jul 28 low

*SUP 3: 117-265/270 Jul 25 low, initial rally high Jul 13

*SUP 4: 117-235 Jul 13 low

*COMMENTARY* 117-295 support remained intact, having survived a 117-302 pullback

last Friday. The subsequent recovery has now found the wherewithal for a move

back above 118-072, thereby bringing the late July highs at 118-095/118-097 back

into the equation. Faltered here so far but a successful break will then have

118-140/118-145 as the remaining bar to the Jun 14 high at 118-247. Support

rises with it, 118-030/118-010 now in front of the still important 117-302.

US 10YR FUTURE TECHS: (U17) Has 126-115/120 Back In Sight As Recovery Continues

*RES 4: 126-290 Jun 26 high

*RES 3: 126-215 76.4% Fibo of 127-080/124-255

*RES 2: 126-115/120 Jun 19 low, Jul 21, 24 highs

*RES 1: 126-080 Aug 1 high

*PRICE: 126-030 @1021GMT

*SUP 1: 125-250 Hourly support

*SUP 2: 125-215 Aug 1 low

*SUP 3: 125-155 Jul 25 low

*SUP 4: 125-125/130 Congestion area Jul 12-13

*COMMENTARY* Gradually chipping away at resistance, most latterly above 126-065,

as we look to retest the key 126-115/126-120 region. A high of 126-080 so far,

before some near term overbought conditions have come into play. In this

respect, look to 125-250 and then yesterday's 125-215 low to form support. Back

below the latter will disappoint now . Directly above 126-120 and the next main

attraction becomes the 76.4% Fibo level at 126-215.

US 30YR FUTURE TECHS: (U17) A 154-11 Break Needed To Swing Near Term Bias Higher

*RES 4: 155-02 61.8% of 157-08/151-18, 1% volatility band 

*RES 3: 154-31 Jul 21 high

*RES 2: 154-11 Jul 25 high

*RES 1: 154-03 Aug 1 high

*PRICE: 153-21 @1031GMT

*SUP 1: 152-23/31 Hourly support

*SUP 2: 152-03/09 Jul 27, 28, Aug 1 lows

*SUP 3: 151-28 Jul 13 low, 1% volatility band

*SUP 4: 151-18 Jul 7 low

*COMMENTARY* Recovering after the fall to 152-03 last week, Tuesday moving back

above 153-21 resistance. A high of 154-03 so far, as we chase a break back above

154-11. This would swing the near term focus back to the topside and another

assault on the Jul 21 high at 154-31. A break here then the key to a further

155-02 rise, where dual resistance awaits. In the interim, support comes from

152-31/152-23, ahead of the still important 152-03.

     US EURODOLLAR TECHS: (Z17) 98.515 Still Provides Key Near Term Support

*RES 4: 98.630 Jun 14 high

*RES 3: 98.610 Jun 6 high

*RES 2: 98.580/590 Congestion lows May 19-Jun 8, Jun 16 high

*RES 1: 98.560/565 Hourly resistance

*PRICE: 98.550 @1034GMT

*SUP 1: 98.515 Initial recovery high Jul 6, now support

*SUP 2: 98.495 Jul 6 low, 50% of 98.335-98.655

*SUP 3: 98.470 Apr 23 low

*SUP 4: 98.455 61.8% Fibo of 98.335-98.655

*COMMENTARY* Found support from the 50% Fibo retrace level at 98.495 earlier

last month, a recovery has reached the base of the 98.580-98.590 resistance

area. As a result, has become overbought in the near term and now giving back

some of those gains. In this respect, look to 98.515 for support and protection

against a return of the previous downtrend and 98.495 again. Resistance now from

98.560-98.565 ahead of 98.580-98.590 again.

--MNI London Bureau;tel: +44 207-862-7495; email: les.castell@marketnews.com

[TOPICS: MTABLE]