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3 Jun 2015
Treasuries and Bunds turn near term bearish – BAML
FXStreet (Barcelona) - MacNeil Curry, CFA, CMT, Technical Strategist at BofA-Merrill Lynch, views that the price action in both 10Yr treasuries and bunds points to new cycle yield highs in the sessions ahead before renewed topping.
Key Quotes
“Since the end of last week, both Bund and 10yr Treasury yields have begun a near term turn in trend from bullish to bearish.”
“Beginning with 10yr yields, the impulsive break of 2.241% support clears the way for a push to the 2.366%/2.436% area. Bund yields have broken equivalent support at 67.8bps (May-21 high) in an equally bearish manner. Indeed, the Monday Bearish Outside Bar and subsequent impulsive gains say that higher yields are coming. In the sessions ahead we look for a test and break of 78.1bps support, clearing the way for the 89.9bps / 85.5bps before greater signs of topping emerge.”
Key Quotes
“Since the end of last week, both Bund and 10yr Treasury yields have begun a near term turn in trend from bullish to bearish.”
“Beginning with 10yr yields, the impulsive break of 2.241% support clears the way for a push to the 2.366%/2.436% area. Bund yields have broken equivalent support at 67.8bps (May-21 high) in an equally bearish manner. Indeed, the Monday Bearish Outside Bar and subsequent impulsive gains say that higher yields are coming. In the sessions ahead we look for a test and break of 78.1bps support, clearing the way for the 89.9bps / 85.5bps before greater signs of topping emerge.”