UK DMO UPDATE: September Syndication, Switch Auction

• The German Bund stays underpinned as Oil falls to a 3 Months low on the hope that the MOU will cement a Peace deal going forward in the Middle East.
• The contract is making a challenge at Yesterday's printed high of 126.74, printed a 126.75 high post Cash Open.
• The next clear target resides at the 2.90% Yield level which would equate to 127.01 when it is quoted.
• The US Treasuries are lagging somewhat and next resistance in the Tnotes (TYU6) is still eyed at 110.03.
• Today's Data include, ECB Wage Tracker, EU final CPI and US Retail Sales.
• Most will focus on the US FOMC and especially Warsh's first presser.
• SUPPLY: Germany 2047, 2053 (equates combined 17k Buxl) should weigh into the bidding deadline.
• SPEAKERS: ECB Sleijpen, Fed Warsh.

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• RES 4: $115.16 - 1.382 proj of the Mar 10 - 23 - Apr 17 price swing
• RES 3: $108.34 - High May 5 and a bull trigger
• RES 2: $98.99 - High Jun 3 and a key short-term resistance
• RES 1: $85.93/92.58 - High Jun 15 / 50-day EMA 
• PRICE: $79.03 @ 07:15 BST Jun 17
• SUP 1: $75.94 - 2.00 proj of the May 4 - 7 - 18 price swing   
• SUP 2: $70.00 - Round number support
• SUP 3: $67.92 - 2.50 proj of the May 4 - 7 - 18 price swing
• SUP 4: $64.98 - Low Feb 17

Brent futures remain soft. The contract has breached an important support at $81.45, the Apr 17 low. The break strengthens the short-term bear cycle and paves the way for an extension towards $75.94, a Fibonacci projection. Key short-term resistance has been defined at $98.99, the Jun 3 high. Clearance of this hurdle would be a bullish development. Initial firm resistance to watch is $92.58, the 50day EMA.