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YMM3 Tests Bottom Of Trading Range

AUSSIE BONDS

In early Asia-Pac trading, YMM3 (97.01, -7.0) hit a low of 96.96, testing the lower end of its trading range between 97.40 and 96.97 which has persisted since March 20. According to MNI’s technicals team, a clear break of 96.97 would threaten the bullish theme and indicate the possibility of a deeper pullback towards 96.78, the March 14 low.

  • The lower boundary of the range was set ahead of the FOMC meeting on March 22. YMM3 moved off its lows after the Fed hiked by 25bp but with a perceived dovish tone.
  • Meanwhile, the high point of 97.40 was established at the height of global banking concerns, just before the news of UBS' acquisition of Credit Suisse and coordinated central bank efforts to improve the provision of U.S. dollar liquidity.
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