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(U3) Bears Remain In The Driver’s Seat

US 10YR FUTURE TECHS
  • RES 4: 111-29 High Aug 10
  • RES 3: 111-21+ 50-day EMA
  • RES 2: 110-29 High Aug 11
  • RES 1: 109-28/110-16+ High Aug 18 / 20-day EMA
  • PRICE: 109-08 @ 11:17 BST Aug 22
  • SUP 1: 108-26+ Low Oct 21 2022 (cont) and a major support
  • SUP 2: 108-12 1.00 proj of the Jul 18 - Aug 4 - Aug 10 price swing
  • SUP 3: 107-29+ 2.0% 10-dma envelope
  • SUP 4: 107.17 1.236 proj of the Jul 18 - Aug 4 - Aug 10 price swing

The trend direction in Treasuries remains down and the contract started the week on a bearish note, breaking to a fresh cycle low. The move down confirms a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. Last week’s break of support at 109.24, Aug 4 low, also confirmed a continuation of the trend. The focus is on 108.12, a Fibonacci projection. Firm resistance is 110-16+, the 20-day EMA.

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