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US 10yr ($ZN_F) Downside Bias into FOMC

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US 10yr ($ZN_F) Downside Bias into FOMC

The upside correction effort still capped by 126-02/025/05 barriers for bias for a roll back lower and more negative tone into the FOMC on Wednesday.

Before the current rebound, the previous break below 124-215, the 38.2% retracement of the entire 2013-2015 rally to approach next key level at 124-13 has set a bearish tone for June.

For Today:

We see a downside bias for 125-14/12; break here aims for 125-035 and opens risk down to 124-235.

But above 126-02/025/05 opens risk up 126-13/15, which we would look to again cap.

Short/ Intermediate-term Outlook - Downside Risks:

We see a more negative tone with the bearish threat to 124-145/13.

Below aims for  the 123-315 key swing low and longer term targets at 123-015 and maybe even the key 121-205 swing low.

What Changes This? Above 127-01 eases bear risks; through 127-23 signals a neutral tone, only shifting positive above 128-305. 


If you want to see more, you can view the full US 10yr future report with screencasts, levels and day trade views - click here
And remember, for a FREE trial of our Fixed Income/ Bond Futures and all other reports sign up by clicking here

2 Hour US 10yr Future Chart

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Daily US 10yr Future Chart

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Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.


He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).


Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.


Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.

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