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By Les Castell
Click below for today's MNI US Morning FI Technical Analysis Report -
US 5YR FUTURE TECHS: (Z17) Key 117-132 Support Comes Under Pressure Today
*RES 4: 118-010/030 Sep 19 high, broken 6 month support line
*RES 3: 117-295 Sep 26 high
*RES 2: 117-225 Sep 29 high
*RES 1: 117-187 Sep 20,21 lows, now resistance
*PRICE: 117-115 @1007GMT
*SUP 1: 117-090 Intraday low
*SUP 2: 117-020 76.4% Fibo of 116-155/119-015
*SUP 3: 116-295 Mar 17 low
*SUP 4: 116-155 Mar 10 low, 1% volatility band
*COMMENTARY* Having failed to trouble 118-010 resistance, a high of 117-295 last
Tuesday, downside pressure has resumed and the Jul 6 low at 117-132 has come
under pressure today. This seen as the last protection against a greater 117-020
fall. Resistance from 117-187 but likely need a move back above 117-225 however,
before any respite will be forthcoming and allow for some correction of recent
losses from last month's 119-015 high.
US 10YR FUTURE TECHS: (Z17) Continues Lower, 124-255 The Next Key Support
*RES 4: 126-045 Sep 25 high
*RES 3: 125-275 Congestion area Sep 22-25
*RES 2: 125-200 Sep 29 high
*RES 1: 125-170 Sep 20 low, now resistance
*PRICE: 125-035 @1015GMT
*SUP 1: 124-300 Intraday low
*SUP 2: 124-255 Jul 6, Jul 7 lows
*SUP 3: 124-170 61.8% Fibo of 122-145/127-285
*SUP 4: 124-110 1% volatility band
*COMMENTARY* Downside pressure continues following the reluctance to take on
126-055 resistance last week. The 50% Fibo retrace level at 125-055 has
subsequently given way, a low of 124-300 so far, as we head towards the next
support of note from 124-255. As a result, resistance falls as well, now
initially from 125-170/125-200 but back above the congested 125-275 region is
likely needed, before any real recovery can take place.
US 30YR FUTURE TECHS: (Z17) 152-01/152-04 Support Holding Up Under Pressure
*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: 152-14 @1021GMT
*SUP 1: 152-01/04 Sep 28 low, 76.4% Fibo of 150-07/158-09
*SUP 2: 151-18 Jul 7 low
*SUP 3: 150-25 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 152-24. 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: 98.505 @1025GMT
*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
last 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: email@example.com
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