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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) Again No Change, 118-125/118-105 Now Key To Direction
*RES 4: 118-310/320 Apr 17, May 18 highs
*RES 3: 118-247 Jun 14 high
*RES 2: 118-220/227 Aug 11, Aug 18 highs
*RES 1: 118-205 Aug 21, Aug 23 highs
*PRICE: 118-180 @1020GMT
*SUP 1: 118-105/125 Aug 17 low, 7 week rising support line
*SUP 2: 118-052/057 61.8% of 117-265/118-227, Aug 16 low
*SUP 3: 118-010/012 Aug 1 low, 76.4% Fibo of 117-265/118-227
*SUP 4: 117-265 Jul 25 low
*COMMENTARY* Attempts to the topside still pulling up below 118-205, ahead of
the stronger 118-220/118-247 resistance area. Still need to sustain a break
through the latter before the overall bias can switch to higher again and a
renewed challenge to the Apr/May highs at 118-310/118-320. In the meantime, look
to 118-127/118-105 for support, loss of the latter would spoil the look of the
recent recovery and put the 118-057/118-052 region back under pressure.
US 10YR FUTURE TECHS: (U17) Still Entrenched Within The 5 Week Bull Channel
*RES 4: 127-295 1% volatility band
*RES 3: 127-080/085 Jun 14 high, 5 week bull channel top 
*RES 2: 127-015 Aug 18 high
*RES 1: 126-305 Aug 23, Aug 24 highs
*PRICE: 126-280 @1024GMT
*SUP 1: 126-160 Aug 23 low
*SUP 2: 126-110 Aug 17 low
*SUP 3: 126-085 5 week bull channel base
*SUP 4: 125-320 Aug 16 low
*COMMENTARY* The 125-290/125-260 area remained unscathed, as the 125-320 level
provided support earlier in the month. The subsequent recovery has broken above
the previous 126-280/126-290 highs to reach 127-015. Will have to find the
strength for a sustained break above here however, before the confidence in the
upside will be restored and the chance of a continued 127-080/127-085 rise.
Support from 126-160/126-110 now protects 126-085, the 5 week channel base.
US 30YR FUTURE TECHS: (U17)  Still Faces Decent Resistance Between 157-08/157-21
*RES 4: 157-27 38.2% Fibo of 177-11/145-26
*RES 3: 157-21 4 week bull channel top
*RES 2: 157-08/13 Jun 26 high, 1% volatility band 
*RES 1: 156-19/21 Aug 23, Aug 25 highs 
*PRICE: 156-19 @1028GMT
*SUP 1: 155-06/16 Aug 16 high, Aug 18, 22 & 23 lows
*SUP 2: 154-18/30 Aug 17 low, 4 week bull channel base
*SUP 3: 154-10 Initial rally high Aug 16, now support
*SUP 4: 153-24 Aug 15 low
*COMMENTARY* Squeezed to a 156-21 high last week but above here will continue to
face resistance from between the upper 1% volatility band at 157-13 and then the
4 week bull channel top at 157-21. A sustained break through here is needed,
before the longer term Fibo retrace at 157-27 comes into view. Support comes
from 155-16/155-06 but the 154-30/154-10 area is of more importance below.
     US EURODOLLAR TECHS: (Z17) 98.580-98.590 Resistance Again The Interest Here
*RES 4: 98.655 May 18 high
*RES 3: 98.630 Jun 14 high
*RES 2: 98.610 Jun 6 high
*RES 1: 98.580/590 Jul 14, Aug 23, Jun 16 highs
*PRICE: 98.575 @1038GMT
*SUP 1: 98.535/545 Hourly support
*SUP 2: 98.515 Initial recovery high Jul 6, now support
*SUP 3: 98.495 Jul 6 low, 50% of 98.335-98.655
*SUP 4: 98.470 Apr 23 low
*COMMENTARY* Finally saw some near term movement with the rally back above
98.560-98.565 resistance earlier in the  month. Now looking to see if this
bounce has the impetus to trouble the next 98.580-98.590 area. Through the
latter needed before we reach more important levels between 98.610-98.630. As a
result, nearest support has risen to 98.535-98.545, with the 98.515 level still
seen as key on the downside.
--MNI London Bureau;tel: +44 207-862-7495; email: les.castell@marketnews.com
[TOPICS: MTABLE]
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