Saturday September 18, 2010 - 01:43:01 GMT
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Forex Hound - www.forexhound.com
Treasury Bonds Rebound to Close Higher
Bonds closed higher on Friday after an early morning setback. Greater demand
for risky assets helped push yields higher overnight, driving down the T-Bonds.
bottomed after a surprise decline in the Michigan Consumer Sentiment Index.
This was another sign of a weakening economy. Stocks fell on the news and debt
December T-Bonds found support on a Fibonacci retracement level at 129â€™11 and
an uptrending Gann angle at 129â€™10. The
low for the week at 129â€™08 also held as support.
The market has
been trying to establish support in this zone. Fed buying has been helping. The
chart indicates that a breakout over 131â€™09 will be needed to trigger an
acceleration to the upside.
Tuesday could be tricky days to trade because of light volume ahead of the
Federal Open Market Committee on September 21.
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