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: (Z17) Key 117-132 Support Under Pressure Today

*RES 4: 118-010/025 Sep 19 high, broken 6 month support line

*RES 3: 117-295 Sep 26 high

*RES 2: 117-257 Sep 22 high

*RES 1: 117-195/210 Hourly resistance

*PRICE: 117-150 @0921GMT

*SUP 1: 117-125/132 Intraday, Jul 6 lows 

*SUP 2: 117-020 76.4% Fibo of 116-155/119-015

*SUP 3: 116-295 Mar 17 low

*SUP 4: 116-185 1% volatility bands

*COMMENTARY* Having failed to trouble 118-010 resistance, a high of 117-295 on

Tuesday, downside pressure has resumed and with the loss of 117-170, the Jul 6

low at 117-132 is now under challenge. This the protection against a greater

117-020 fall. Resistance from 117-195/117-257 but likely need back above that

117-295 high, before any respite will be forthcoming and allow for some

correction of recent losses from the month's 119-015 high.

US 10YR FUTURE TECHS: (Z17) Continues Lower After Failure Below 126-055 

*RES 4: 126-105 Broken 6 month support line

*RES 3: 126-045 Sep 25 high

*RES 2: 125-300 Sep 22 high

*RES 1: 125-170/180 Sep 20, 21 lows, now resistance

*PRICE: 125-065 @0936GMT

*SUP 1: 125-020 Intraday low

*SUP 2: 124-255 Jul 6, Jul 7 lows

*SUP 3: 124-170 61.8% Fibo of 122-145/127-285, 1% vol band

*SUP 4: 124-065 Mar 29 low

*COMMENTARY* Downside pressure resumes following the reluctance to take on

126-055 resistance this week. The subsequent move below 125-155 is now

threatening to break below the 50% Fibo retrace level at 125-055. A sustained

loss here and not much to prevent a deeper 124-255 fall. As a result, resistance

comes initially from 125-170/125-300 but that 126-045/126-105 region remains

more important.

US 30YR FUTURE TECHS: (Z17) Decline Continues After Loss of 5 Month Support Line

*RES 4: 156-02 Sep 12 high

*RES 3: 155-04 Sep 25 high

*RES 2: 154-11 Sep 26 low, now resistance

*RES 1: 153-07/16 Hourly resistance, Sep 20 low

*PRICE: 152-07 @0952GMT

*SUP 1: 152-01/04 Intraday low, 76.4% Fibo of 150-07/158-09

*SUP 2: 151-18 Jul 7 low

*SUP 3: 150-31 2% volatility band

*SUP 4: 150-18 61.8% Fibo of 145-26/158-09

*COMMENTARY* Recovery failed to make the most of the move above 155-00, stopping

at 155-04, before once again yielding to downside pressure. The subsequent fall

below the 153-16/153-12 area then stimulating a loss of the 5 month rising

support line at 152-22. This now sees 152-04/152-01 as support and protection

against a further 151-18 fall. In the interim, resistance from 153-07/154-11 now

bars the way to that still important 155-04 level.

     US EURODOLLAR TECHS: (Z17) Pressure Resumes On Key 98.495 Support 

*RES 4: 98.635 Sep 8 high

*RES 3: 98.600/610 Aug 29 high, Sep 8 low

*RES 2: 98.585 Broken 6 month support line

*RES 1: 98.540/545 Sep 14 low, Sep 20 high

*PRICE: 98.500 @0955GMT

*SUP 1: 98.490/495 Sep 21 low, 50% Fibo of 98.335-98.655

*SUP 2: 98.470 Apr 24 low

*SUP 3: 98.455 61.8% Fibo of 98.335-98.655

*SUP 4: 98.410 76.4% Fibo of 98.335-98.655

*COMMENTARY* Failed to take advantage of the break above 98.590/98.600 earlier

in the month, a high of 98.635 before giving up ground again. This culminated in

a drop below the 6 month rising support line, which then gave the scope for a

return towards the Jul 6 low at 98.495. In the interim, nearest resistance comes

from 98.540-98.545 and then the broken support line at 98.585. Below 98.495 and

98.455 is next attraction.

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

[TOPICS: MTABLE]