US TSYS: Curves Broadly Steeper, 30Y Bond Yld 24Y Highs, Hike Pricing Subdued

• RES 3: 133.32 - High Mar ‘26
• RES 2: 130.66 - Low Jan 21 
• RES 1: 127.07/128.42- 50-dma (cont) / High Jun 15 
• PRICE: 125.91 @ 20:12 BST Aug 31
• SUP 1: 125.91/88 - Low Aug 17 and 31
• SUP 2: 125.70 - Low Feb 1999
• SUP 3: 121.49 - 50.0% retrace of the 1990 - 2020 major bull leg 

Resistance in JGB futures remains intact and the trend structure is bearish. The latest downleg had resulted in the contract piercing support at 125.91, the Aug 17 low. This move lower confirms a continuation of the primary downtrend. Key near-term resistance is 128.42, the Jun 15 high. Clearance of this hurdle is required to signal a short-term reversal and would highlight a break of the 50-dma - at 127.07.

*TRUMP: IRAN STRIKES WILL BE LIMITED - bbg 

*TRUMP: STRAIT OF HORMUZ IN EXTREMELY GOOD SHAPE 

*TRUMP: A LOT OF OIL COMING OUT OF HORMUZ 

*TRUMP: AVERAGING 30 SHIPS A NIGHT OUT OF HORMUZ

• RES 4: 0.7310 1.00 proj of the Mar 30 - May 6 - Jun 30 price swing
• RES 3: 0.7278 High May 6 and key resistance
• RES 2: 0.7223 High May 15
• RES 1: 0.7208 High Aug 28
• PRICE: 0.7164 @ 20:22 BST Aug 31
• SUP 1: 0.7107 20-day EMA 
• SUP 2: 0.7063/0.6922 50-day EMA / Low Jul 29  
• SUP 3: 0.6907 Low Jul 8 
• SUP 4: 0.6865 Low Jun 30 and the bear trigger 

A bull cycle in AUDUSD remains intact and a fresh cycle high last week reinforces current trend conditions. The pair has breached 0.7181, the 76.4% retracement of the May 6 - Jun 30 bear leg. The move higher strengthens the bull theme and maintains the rising price sequence of higher highs and higher lows. Sights are on 0.7223 next, the May 15 high. Key support to watch is the 50-day EMA at 0.7063.