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(U2) More Stable But Still Fragile


Trend Structure Remains Bullish


Cautious Risk Appetite Gains Momentum

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(U0) Plays the Range

  • RES 3: 99.780 - High Apr 01 and bull trigger
  • RES 2: 99.750 - High May 21 and 22
  • RES 1: 99.730 - Congestion highs between Jun 15 - 22
  • PRICE: 99.695 @ 16:00 BST Aug 18
  • SUP 1: 99.680 - Low Jun 14 / Jul 22 / Aug 14
  • SUP 2: 99.667 - 23.6% retracement of the March - April Rally
  • SUP 3: 99.597 - 38.2% retracement of the Mar - Apr rally

Having traded lower in recent weeks, 3yr futures got a decent boost on the recent RBA announcement that they would resume bond purchases to further control the front-end of the yield curve. This boosted prices back to 99.725, dispelling any fade in prices and underpinning markets above 9.680. The key hurdle for bulls remains the 99.730 congestion, highs between Jun 15 - 22. A break would instead open 99.780, Apr 1 high further out.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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