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SOUTH AFRICA

SAGBs Bull Flatten, 5Y CDS Holds Its Uptrend

BUNDS

Leaning bull flatter on the open

SILVER TECHS

Consolidating

GOLD TECHS

Watching Support

WTI TECHS

(U1) Holding Onto Recent Gains

BRENT TECHS

(U1) Extends Gains

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  • RES 3: 99.860 - All time High Nov 3 and the bull trigger
  • RES 2: 99.728 - 50-dma (cont)
  • RES 1: 99.694 - High Jun 11
  • PRICE: 99.515 @ 15:59 BST Jun 24
  • SUP 1: 99.460 - Low Jun 21
  • SUP 3: 99.458 - 50% 2020 Rally
  • SUP 3: 98.641 - 1.0% 10-dma Envelope

Aussie 3y futures ebbed to new contract lows earlier this week, with the more hawkish-than-expected Fed decision working against the global government bond market. This switches the outlook to neutral, with prices needing to top the high watermark for the U1 contract at 99.694 to return to a bullish theme. Above there, the 50-dma on the continuation contract at 99.689 becomes the next target. Next support undercuts at the 50% retracement of the 2020 rally at 99.458.