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(U0) Bounce Extends

US 10YR FUTURE TECHS
  • RES 4: 140-20 1.00 projection of Jun 5 - 11 rally from Jun 16 low
  • RES 3: 140-13 Aug 4 / 5 / 6 high and major resistance
  • RES 2: 139-30 High Aug 11
  • RES 1: 139-21 50% retracement of the Aug 4 - 13 sell-off
  • PRICE: 139-16+ @ 11:35 BST Aug 19
  • SUP 1: 138-28+ Low Aug 12 / 13 and the 100-dma
  • SUP 2: 138-23+ Low Jul 2
  • SUP 3: 138-07 Low Jun 16
  • SUP 4: 138-03+ 61.8% retracement of the Jun - Aug rally

Treasuries maintain their current firmer tone as the corrective bounce off recent lows extends. Price action has probed the 50-day EMA today and this does suggest scope for a stronger near-term recovery ahead of the 139-21 Fibonacci retracement. Note that we continue to view S/T gains as a correction following the sharp sell-off between Aug 4 - 13. A move lower would refocus attention on last week's low of 138-28+.

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