A further consolidation into midweek and into the FOMC announcement, still reluctant to build on the bounce last week through the 127-16 spike high, capped ahead of 127-28 to leaves bias for a roll back lower to the range, then a bearish extension.
Whilst minimally below 127-28, we see bias for a further bear extension in March, given the significant sell off since February through multiple chart and retrace supports.
Short-term Outlook - Downside Risks:
- We initially see bias for a roll back lower to the rebound range.
- We see a more negative tone into late March with the bearish threat for 125-28/25 chart/ retrace support cluster.
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Daily US 10yr Future Chart