Friday, 21 September, 2018
FW: ** Aussie Bonds pointing higher **
YMs – there was big buyer of 97.80p a few weeks back (around 40k which is big for aussie), with those buyers more than happy to pick up plenty of futures on the dip to low 80s. We were also involved from 83 to 81, with 97.82 a big lvl technically (see chart) and mkt never closed below the upward trendline from April.
With market keen to sell rallies in the US, Resistance comes into play at 97.90/91
XMs – left a gap in chart up 97.37 at start of the week, which as a rule needs to be filled. in addition, a close above 97.27 today (which we got) is a bullish signal on the weekly ichi moku chart (attached)
Curve continues to find Resistance at the top of the 50-60bp range we have seen since June ….. with a growing bias to put on the steepener!
lastly, real money accounts have reportedly covered shorts and now resetting longs after a predominantly CTA led move lower
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