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Free AccessMNI: China CFETS Yuan Index Up 0.01% In Week of Nov 22
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(U4) Bear Cycle Remains In Play
- RES 4: 133.21 High Jun 14 and the bull trigger
- RES 3: 132.80 High Jun 25
- RES 2: 132.24 High Jun 28
- RES 1: 131.62 50-day EMA
- PRICE: 130.67 @ 05:36 BST Jul 5
- SUP 1: 130.28/23 76.4% of May 31 - Jun 14 rally / Low Jul 3
- SUP 2: 129.52 Low Jun 10
- SUP 3: 129.37 Low May 31 and the bear trigger
- SUP 4: 129.00 Round number support
Bund futures remain in a bear mode condition and the contract is trading just above its recent lows. The move lower this week undermines a recent bullish theme and signals scope for a deeper retracement. The next support to watch is 130.28, a Fibonacci retracement. It has been pierced, a clear break would further strengthen a bearish threat. Initial firm resistance is at 132.24, the Jun 28 high. Clearance of this level would highlight a potential reversal.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.