ZB1! - 120.20 Has Been A Stubborn Area
It's been a relatively quiet week in comparison to the other pairs. Nothing major played out in the bond markets this week other than the last 2 weeks low being taken out before a pullback occurred. If it wasn't for the raid on sellstops, this week would have been an inside week, increasing the possibility for a low resistance liquidity run up to relative equal highs @ 120.20 (as mentioned before in my previous weeks analysis)
Relative equal highs @ 120.20 is prone to negation.
Just as US10y traded up to the volume imbalance before rejecting, repricing to the downside, ZB done the exact opposite, sweeping the 9th Jul 24 sellside before repricing higher. This also begun from Thursday and continued onto Friday.
First draw in liquidity is the premium array @ 119.21 - 119.26
Second draw in liquidity is 120.20 - 120.24
Relative equal highs @ 120.20 is prone to negation.
Just as US10y traded up to the volume imbalance before rejecting, repricing to the downside, ZB done the exact opposite, sweeping the 9th Jul 24 sellside before repricing higher. This also begun from Thursday and continued onto Friday.
First draw in liquidity is the premium array @ 119.21 - 119.26
Second draw in liquidity is 120.20 - 120.24
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