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(U0) Gains Fade Ahead of the Close

US 10YR FUTURE TECHS
  • RES 4: 140-13 Aug 4 / 5 / 6 high and major resistance
  • RES 3: 140-01+ 76.4% of the Aug 4 - 13 downleg / 30 High Aug 11
  • RES 2: 139-26+ 61.8% of the Aug 4 - 13 downleg / 30 High Aug 11
  • RES 1: 139-23+ High Aug 21
  • PRICE: 139-16 @ 16:40 BST Aug 24
  • SUP 1: 139-08+ Low Aug 18
  • SUP 2: 138-28+ Low Aug 13 and the key support
  • SUP 3: 138-23+ Low Jul 2
  • SUP 4: 138-07 Low Jun 16

Gains last week saw the corrective bounce in Treasuries off recent lows extend. Price action did probe the 50-day EMA and this does suggest scope for a stronger near-term recovery with 139-21, a Fibonacci retracement also probed. Further gains would open 139.26+, 61.8% of the Aug 4 - 13 decline. Note, we continue to view S/T gains as a correction. Fresh selling pressure would refocus attention on 138-28+, Aug 13 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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