JGB TECHS: (M5) Rallies off Lows

• RES 3: 147.74 - High Jan 15 and bull trigger (cont)
• RES 2: 146.53 - High Aug 6 
• RES 1: 142.95 - High Apr 7
• PRICE: 140.60 @ 16:37 GMT Apr 28
• SUP 1: 139.38 - 1.0% 10-dma envelope
• SUP 2: 136.57 - 1.382 proj of the Jan 28 - Feb 20 - Feb 26 bear leg   
• SUP 3: 134.89 - 2.000 proj of the Jan 28 - Feb 20 - Feb 26 bear leg

JGBs are holding the bulk of the recent strong bullish reversal, rejecting any test of fresh cycle lows for the M5 contract. This defies the bearish momentum studies drawn on the longer-term chart, clearing moving-average resistance to print 142.40 at the new upper level. To the downside, sights are on 136.57, a Fibonacci projection. 144.48 is the medium-term target on any recovery.

The NZD had a range overnight of 0.5928 - 0.5982, Asia is opening around 0.5975.

• “US Treasury Secretary Bessent said “all aspects” of the US government are in contact with Beijing, while reiterating his view that it's up to them to take the first step in de-escalating the trade fight.”(per BBG)
• (Bloomberg) -- New Zealand Finance Minister Nicola Willis gave a pre-budget speech Tuesday in Wellington. Says “Treasury has reduced assumptions for real GDP growth in 2025 and 2026.”
• “New Zealand’s economy will still be growing, but not as fast as forecast a few months ago”
• Says tariff announcements by the US government, countervailing tariffs being imposed by China and an uncertain path for future tariffs and exemptions have created volatile global economic conditions, “with forecasters around the world agreeing that global growth will be lower this year and next year than they were previously predicting”
• Key change is cutting Budget 2025 operating allowance to NZ$1.3b from NZ$2.4b.
• The NZD tried lower initially into London but found good demand back towards the 0.5920 area.
• The price action continues to suggest that dips will probably find demand, first support on the day is 0.5900 then 0.5800/50.
• CFTC data show Asset managers have slowed their pace of buying last week, Leveraged funds though have been using dips to reduce their shorts. 
• Data : Filled jobs for March coming up 

Fig 1: NZD/USD Spot Daily Chart

Source: MNI - Market News/Bloomberg

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