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The bond market faces another test at key technical juncture ...Middle East
The rally in bonds from late April to mid May was stemmed by a test of its 200-day moving average (green line) at the time. The low in yields then was around 4.31% and we are seeing yields hold thereabouts again now. The drop since last week sees yields move down, to now test the 100-day moving average (purple line) at 4.33%.Essentially, the confluence of the key daily moving averages at 4.33% to 4.35% alongside the May low of 4.31% is the key technical juncture for the bond market currently.Hold above that region and bond sellers will stay in the game. But break below it, and bond buyers will have more impetus to drive yields lower again as part of the next leg.It is shaping up to be a rath
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