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(U3) Trend Direction Remains Down

US 10YR FUTURE TECHS
  • RES 4: 113-08 High Jul 18 and a bull trigger
  • RES 3: 112-31 High Jul 20
  • RES 2: 112-19 50-day EMA
  • RES 1: 111-20/112-07 20-day EMA / High Jul 27
  • PRICE: 111-01 @ 16:43 BST Aug 7
  • SUP 1: 109-24 Low Aug 04
  • SUP 2: 109-14 Low Nov 8 2022 (cont)
  • SUP 3: 109-10+ Low Nov 4 2022 (cont)
  • SUP 4: 108-26+ Low Oct 21 2022 (cont) and a major support

The trend condition in Treasuries remains bearish and short-term gains appear to be a correction. Friday’s move lower resulted in a break of support at 110-05, the Jul 7 low. This reinforces a bearish theme and confirms a resumption of the downtrend, paving the way for weakness towards 109-14 next, the Nov 8 2022 low (cont). The 20-day EMA, at 111-20, is the resistance to watch.

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