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10s Out Of The Recent Range

CHINA RATES

Injection Helps Keep Repo Rates Subdued

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Futures Unwind Overnight Losses

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Firming

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  • RES 4: 176.64 High Feb 11 (cont)
  • RES 3: 176.38 1.382 proj of the May 19 - Jun 11 - Jun 22 price swing
  • RES 2: 176.30 76.4% retracement of the Dec '20 - May sell-off (cont)
  • RES 1: 176.28 High Jul 20 and the bull trigger
  • PRICE: 175.89 @ 05:08 BST Jul 23
  • SUP 1: 174.77/45 High Jul 8 / Low Jul 15
  • SUP 2: 173.70 LowJul 13 and 14
  • SUP 3: 173.15 50-day EMA
  • SUP 4: 173.04 Channel base drawn off the May 19 low

Bund futures maintain a firmer tone. Price is trading close to recent highs and above former resistance of 174.77, Jul 8 high. The break of this level confirmed a resumption of the uptrend and marked a bullish breakout of the rising channel drawn off the May 19 low. Attention is on 176.38, a Fibonacci projection. Note that momentum is overbought and this is being monitored. Initial support is at 174.77.