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(Z3) Corrective Cycle Persists

US 10YR FUTURE TECHS
  • RES 4: 109-20 High Sep 19
  • RES 3: 108-16 High Oct 12 and key resistance
  • RES 2: 108-02 50-day EMA
  • RES 1: 107-28 High Nov 2
  • PRICE: 107-13+ @ 16:56 GMT Nov 2
  • SUP 1: 105-10+ Low Oct 19 and the bear trigger
  • SUP 2: 104-26 2.00 proj of the Jul 18 - Aug 4 - Aug 10 price swing
  • SUP 3: 104-02+ 2.0% 10-dma envelope
  • SUP 4: 103-20+ Low Jun’07

Treasuries traded higher again early Thursday before rolling off highs through the London close. The contract maintains a firmer tone - for now. Price has breached the 20-day EMA and this has strengthened the S/T bull cycle - a correction. The next important resistance is at 108-02, the 50-day EMA ahead of 108-16, the Oct 12 high. The trend direction remains down and the bear trigger lies at 105-10+, the Oct 19 low. A break would confirm a resumption of the trend and open 104-26, a Fibonacci projection.

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