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(Z3) Corrective Cycle Still In Play

US 10YR FUTURE TECHS
  • RES 4: 112-14 High Aug 10 and a key hort-term resistance
  • RES 3: 112-00 Round number resistance
  • RES 2: 111-13+ High Aug 11
  • RES 1: 110-29+ High Aug 29
  • PRICE: 110-21+ @ 11:38 BST Aug 30
  • SUP 1: 109-18+/09+ Low Aug 25 / 22 and the bear trigger
  • SUP 2: 108-20 1.000 proj of the Jul 18 - Aug 4 - Aug 10 price swing
  • SUP 3: 107.23 1.236 proj of the Jul 18 - Aug 4 - Aug 10 price swing
  • SUP 4: 107-05+ 1.382 proj of the Jul 18 - Aug 4 - Aug 10 price swing

The trend direction in Treasuries remains down despite Tuesday’s gains - the current bull cycle is considered corrective. Resistance at the 20-day EMA has been breached. An extension higher would open 111-13+, the Aug 11 high. For bears, the recent break of 110-09, the Aug 4 low, confirmed a resumption of the downtrend. The focus is on 108.20, a Fibonacci projection. The next key resistance is 112-14, the Aug 10 high.

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