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GILT SUMMARY

Curve Flattening Into Weekend

OPTIONS

Expiries for Mar08 NY cut 1000ET (Source DTCC)

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  • RES 3: 100.00 - Psychological round number
  • RES 2: 99.860 - All time High Nov 3 and the bull trigger
  • RES 1: 99.840 - Nov 23/24 high
  • PRICE: 99.815 @ 16:01 GMT Jan 21
  • SUP 1: 99.795 - Low Jan 12
  • SUP 2: 99.760 - Low Oct 1 and 2
  • SUP 3: 99.705 - Low Sep 18, 21 and 22

After a corrective pullback, Aussie 3-yr bonds stabilised throughout last week, as prices recovered from new 2021 lows of 99.795. Attention is on the rally from 99.770, Dec 17/18 low. This level represents a key S/T support. A break of 99.835, Dec 23 high would trigger a stronger round of gains and set the scene for a climb towards 99.840, Nov 23/24 high ahead of the major resistance at 99.860, the all time high from Nov 3. On the downside, a break of 99.770 reinstates a bearish theme.