Friday October 15, 2010 - 13:27:20 GMT
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Forex Hound - www.forexhound.com
December Treasury Bonds Reach Critical Retracement Level
December Treasury Bonds have been under pressure since
reaching a top at 135â€™12. The seven day break from this top reached a critical
retracement zone overnight at 132â€™10 to 131â€™18. This zone is the 50%/61.8%
correction of the 129â€™05 to 135â€™12 range.
In addition to this market reaching the retracement zone,
the market is also testing an uptrending Gann angle at 132â€™05. Another
uptrending Gann angle from the 124â€™22 bottom is at 131â€™22.
The key area to watch for possible buying is 132â€™10 to
132â€™05. This area is formed by a 50%/Gann Angle combination and could prove to
be an attractive support zone for bullish traders. In pre-market trading, a
test of 132â€™06 produced a slight technical bounce.
Should buyers ignore the set-up at 132â€™10 to 132â€™05 then
look for them to possibly regroup at the 61.8%/Gann angle cluster at 131â€™22 to
Fundamentally, T-Bond traders have a lot on their tables
this morning. The U.S. CPI and Retail Sales reports are the early numbers,
followed by Michigan Sentiment and Business Inventories. All reports are
expected to be steady without much change from the previous month.
The focus for T-Bond traders continues to remain the
impending U.S. Federal Reserve quantitative easing. Traders have run up T-Bonds
since the Fed hinted at the new QE plan in August. Over the past seven days
however, the Treasurys have been under pressure as traders decide the size of
the QE and how the Fed will dole out the money.
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