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RBNZ

VIEW: TD Securities Tweak RBNZ Call

GOLD

Softer USD Lends Support

US TSYS

10s Out Of The Recent Range

CHINA RATES

Injection Helps Keep Repo Rates Subdued

JGBS

Futures Unwind Overnight Losses

AUD

Firming

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  • RES 4: $1496.94 - 0.618 proj of Mar 31 - May 12 - May 26 price swing
  • RES 3: $1480.00 - High Jun 7 and the bull trigger
  • RES 2: $1466.00 - High Jun 8
  • RES 1: $1423.00 - High Jul 1
  • PRICE: $1339.00 @ 13:35 BST Jul 26
  • SUP 1: $1300.50 - Low Jul 6
  • SUP 2: $1240.50 - Low Jun 17 and key short-term support
  • SUP 3: $1200.00 - Psychological round number
  • SUP 4: $1185.50 - Low Mar 30

Soybean futures are weaker having pulled back from recent highs. The outlook is bullish though with the focus on resistance at $1423.00, Jul 1 high. A break would negate recent bearish signals and highlight a stronger S/T tone and the potential for a climb towards this year's high of $1480.00 on Jul 6. Clearance of $1480.00 would confirm a resumption of the primary uptrend. Initial firm support is at $1300.50, July 6 low. A break would be bearish.