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(U3) Shallow Bounce Despite Soft Payrolls

US 10YR FUTURE TECHS
  • RES 4: 113-23 50-day EMA
  • RES 3: 112-23 20-day EMA
  • RES 2: 112-12+ Low Jun 14
  • RES 1: 111-15 High Jul 6
  • PRICE: 110-24 @ 16:28 BST Jul 7
  • SUP 1: 110-05 Low Jul 6
  • SUP 2: 110-00 Low Nov 9 2022 (cont)
  • SUP 3: 109-14 Low Nov 8 2022 (cont)
  • SUP 4: 109-10+ Low Nov 4 2022 (cont)

Treasury futures bounced Friday on the back of a weaker-than-expected payrolls release. The bounce saw prices recoup a small part of the Thursday decline, but the shallow recovery will limit any extension of a short-term rally. This keeps resistance intact and - for now - out of reach at 111-15. Price action earlier in the week strengthens bearish conditions and sets the scene for a continuation lower. This has opened the 110-00 handle next. Moving average studies are in bear-mode position, reinforcing current trend conditions. Initial firm resistance is seen at 112-12+, the Jun 14 low.

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