JGB TECHS: (U6) Downside Momentum Intact

• RES 3: 133.15 - High Feb 24 ‘26
• RES 2: 131.80 - 38.2% retracement of the Feb - Mar Bear Leg
• RES 1: 129.81 - 50-dma (cont)
• PRICE: 128.94 @ 16:07 BST Jun 03
• SUP 1: 127.40 - Low May 18
• SUP 2: 125.70 - Low Feb 1999
• SUP 3: 125.54 - 2.0% 10-dma envelope

Markets traded well across the Tuesday session, however downside momentum remains intact following the recent break of support. For the first time, the Jun-26 future has shown through the lower 1.0% 10-dma envelope, signalling the strength of the downside pressure. This widens the gap with the 50-dma, a break above which is needed to highlight a stronger short-term reversal and signal scope for any recovery. 

• RES 3: 95.568 - 61.8% retracement Oct’ 25 - Jan’ 26 downleg
• RES 2: 95.465 - 50.0% retracement Oct’ 25 - Jan’ 26 downleg
• RES 1: 95.425 - High Dec 1 ‘25 (cont)
• PRICE: 95.060 @ 16:06 BST Jun 03
• SUP 1: 94.780 - Low Mar 23
• SUP 2: 94.664 - 76.4% retracement of the 2008 - 2020 rally
• SUP 3: 94.018 - 1.0% 10-dma envelope

Aussie 10-yr futures traded on a more stable footing Friday after undergoing several spells of weakness mid last-week. Prices broke through resistance-turned-support at 95.040, the 23.6% retracement of the upleg posted off the March low. Resistance in focus at 95.120 into 95.425, while 94.780 undercuts as support. 

"*NEW ZEALAND BUDGET DEFICIT NZ$3.23B NARROWER THAN FORECAST
*NEW ZEALAND 10-MONTH BUDGET DEFICIT NZ$6.02B"  :  BBG