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‌‌(Z1)‌‌ Focus Is On Support

US 10YR FUTURE TECHS
  • RES 4: 134-09+ High Aug 5
  • RES 3: 134-00+ High Aug 17 and key near-term resistance
  • RES 2: 133-28 High Sep 3
  • RES 1: 133-14+ High Sep 16
  • PRICE: 133-04 @ 20:30 BST Sep 22
  • SUP 1: 132-20+ Low Sep 17
  • SUP 2: 132-12 0.764 proj of the Aug 4 - 11 - 17 price swing
  • SUP 3: 131-27+ 1.00 proj of the Aug 4 - 11 - 17 price swing
  • SUP 4: 131-14 Low Jun 17 (cont)

While the Fed decision fostered some initial volatility, focus remains on support for Treasury futures, which ebbed slightly lower during Powell's press conference. Last week the contract probed support at 132-25+, Aug 26 low and 132-21+, Aug 11 low but failed to confirm a clear break. Despite the bounce, a bearish threat remains present. A resumption of weakness would open 132-12, a Fibonacci projection and below. On the upside, initial firm resistance is seen at 133-28, Sep 3 high ahead of the key hurdle for bulls at 134-00+.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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