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Free Access(U9) Unable to sustain rally *RES 3:......>
JGB TECHS: (U9) Unable to sustain rally
*RES 3: 154.45 - 3.0% Upper Bollinger Band
*RES 2: 154.44 - Uptrendline Resistance
*RES 1: 154.43 - Cycle High
*PRICE: 154.25 @ 14:23 GMT, Aug 6
*SUP 1: 153.71 - 38.2% 152.54 - 154.43
*SUP 2: 153.64 - 50-dma
*SUP 3: 153.22 - 100-dma
Another risk-off knee jerk higher in global bonds bumped JGB futures to another
cycle high of 154.43, stalling just ahead of uptrendline resistance. Markets
were happy to sell JGBs there, pressuring prices considerably lower ahead of the
close. This suggests JGBs may have trouble sustaining the recent rally and could
easily revisit Fib support currently sitting at 153.71. A break and close below
there would work in favour of bears, who then set sights on the 50-dma and the
mid-May lows of 152.54.
To read the full story
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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.