SGX Iron Ore futures were pressured on Friday falling ~4% seeing the metal post its fifth consecutive weekly loss.
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JGBs sold off sharply on Sep 11 and the contract has since traded through support at 145.49, the Aug 17 low. A continuation lower and the clear break of this area confirms a resumption of the medium-term downtrend and paves the way for weakness towards 144.15, theJan 13 low and a major support. On the upside, clearance of 146.41, the Sep 4 high would instead highlight a base and a possible short-term reversal.
The Aussie 10 yr futures broader trend direction is down and the key support and bear trigger at 95.660, the Aug 17 low, has been breached. The break of this level reinforces a bearish theme and also confirms the breach of a major support at 95.670, the Jun 17 2022 low, marking a resumption of the medium-term downtrend. Initial key resistance has been defined at 96.050, the Sep 4 high.