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US TSYS/SUPPLY: Review 20Y Bond Auction
Treasury futures show little reaction (TYZ5 +1 at 112-26) after $16B 20Y Bond auction (912810UQ9) tailed slightly - drawing a high yield of 4.706% vs 4.702% WI at the cutoff; 2.41x bid-to-cover vs. 2.73x prior.
- Peripheral stats: indirect take-up retreats to 59.47% vs. 63.63% prior; direct bidder take-up 29.15% from 26.33% prior; primary dealer take-up rises to 11.38% vs. 10.04% prior.
FED: US TSY 20Y BOND AUCTION: HIGH YLD 4.706%; ALLOT 62.39%
- US TSY 20Y BOND AUCTION: HIGH YLD 4.706%; ALLOT 62.39%
- US TSY 20Y BOND AUCTION: DEALERS TAKE 11.38% OF COMPETITIVES
- US TSY 20Y BOND AUCTION: DIRECTS TAKE 29.15% OF COMPETITIVES
- US TSY 20Y BOND AUCTION: INDIRECTS TAKE 59.47% OF COMPETITIVES
- US TSY 20Y BOND AUCTION: BID/COV 2.41
EURUSD TECHS: Trend Signals Still Lean Bearish
- RES 4: 1.1728 High Oct 17
- RES 3: 1.1694 50.0% retracement of the Sep 17 - Nov 5 bear leg
- RES 2: 1.1669 High Oct 28 and key resistance
- RES 1: 1.1656 High Nov 13
- PRICE: 1.1549 @ 15:36 GMT Nov 19
- SUP 1: 1.1530/1469 Low Nov 7 / 5 and the bear trigger
- SUP 2: 1.1425 1.500 proj of the Oct 17 - 22 - 28 price swing
- SUP 3: 1.1392 Low Aug 1 and bear trigger
- SUP 4: 1.1313 Low May 30
The trend structure in EURUSD remains bearish. Resistance to watch is 1.1669, the Oct 28 high. Clearance of this hurdle would strengthen a short-term bull theme and highlight a stronger reversal. Moving average studies are in a bear-mode position, highlighting a dominant downtrend and continue to suggest that gains since Nov 5 are corrective. A reversal lower would refocus attention on key support at 1.1469, the Nov 5 low.
