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: (U18) Focus Returns To Previous 113-035/113-027 Lows

*RES 4: 113-202/207 Jun 7 high, May 31 low

*RES 3: 113-170 Jun 5 high

*RES 2: 113-145 Hourly recovery Jun 8

*RES 1: 113-105 Jun 12 high

*PRICE: 113-065 @0949GMT

*SUP 1: 113-042 Jun 12 low

*SUP 2: 113-027/035 May 25, Jun 7 lows

*SUP 3: 112-300 76.4% Fibo of 112-147/114-152

*SUP 4: 112-147 May 17 low

*COMMENTARY* Found support last Thursday from 113-035, just ahead of the May 25

low at 113-027. The subsequent recovery has seen a rally reaching back up

towards the May 31 low at 113-207. This seen as the bar to a better correction

of losses sustained since the 114-152 high of May 29. In the interim, the loss

of 113-070 support puts pressure back on  13-035/113-027 and perhaps the 76.4%

Fibo retrace at 112-300. Resistance currently from 113-105/113-170.

US 10YR FUTURE TECHS: (U18) 119-075 The Protection To 119-040/119-045 Support

*RES 4: 120-050 Hourly high Jun 1

*RES 3: 119-305/005 Jun 8 high

*RES 2: 119-230 Hourly high Jun 8 

*RES 1: 119-175 Hourly resistance

*PRICE: 119-130 @1030GMT

*SUP 1: 119-075 Jun 12 low

*SUP 2: 119-040/045 Jun 7 low, 61.8% Fibo of 117-300/121-030

*SUP 3: 118-300 May 24 low

*SUP 4: 118-217 76.4% Fibo of 117-300/121-030

*COMMENTARY* The recovery since the dip to 117-300 on May 17, resulted in a

sharp spike higher to 121-030 late last month. Has subsequently seen a decent

pullback, as a result of some considerably overbought conditions but has found

support from around 119-045, a 61.8% Fibo retrace of those gains. The subsequent

recovery looks to correct some of that fall, 120-005/120-050 now the bar to a

further rise. Support from 119-075 now protects the downside.

US 30YR FUTURE TECHS: (U18) 142-19 Support Comes Under Challenge On Tuesday

*RES 4: 144-31 76.4% Fibo of 145-28/142-01

*RES 3: 144-06/13 Jun 7 high, 61.8% Fibo of 145-28/142-01

*RES 2: 143-31 Jun 8 high

*RES 1: 143-15 Hourly resistance

*PRICE: 143-00 @1036GMT

*SUP 1: 142-12 Jun 12 low

*SUP 2: 142-01/03 Jun 7 low

*SUP 3: 141-24/27 May 25 low, 61.8% of 139-11/145-28, 1% vol

*SUP 4: 140-28 76.4% Fibo of 139-11/145-28

*COMMENTARY* Finally found some support last Thursday at 142-01, thereby saving

a test to the key support situated between 141-27/141-24. The following recovery

has been impressive, resulting in a spike high to 144-06 but some overbought

hourly conditions now being rectified, with onus on 142-18/142-19, sustained

loss here would caution again. Meanwhile, 143-15/143-31 becomes the bar to

144-13 and a higher correction of losses from 145-28.

US EURODOLLAR TECHS: (U18) Focus Back On 97.500 Support 

*RES 4: 97.680 Mar 28 high

*RES 3: 97.640 May 29 high

*RES 2: 97.615 May 30 high

*RES 1: 97.565/575 Hourly resistance

*PRICE: 97.505 @1050GMT

*SUP 1: 97.500 May 17 low

*SUP 2: 97.475 Apr 25, May 8 lows

*SUP 3: 97.425 50% Fibo of 95.695-99.155

*SUP 4: 97.370 Broken 9 month resistance line

*COMMENTARY* Saw a move back above the 9 month falling resistance line earlier

last month, which has fallen by time to 97.370 this week and this has been the

precursor to some recovery. We have subsequently seen a rally back to 97.640 so

far, where the rally has stalled, the Mar 28 high at 97.680 the next resistance

of consequence higher. As a result, support from 97.575-97.555 has been lost,

although 97.500 now provides a stronger base below. 

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

[TOPICS: MTABLE]