Bonds have almost completely retraced June's decline. They have faced resistance, however at almost all of the Fibonacci levels we have spelled out earlier. The Kovach Momentum Indicators have turned positive, validating this uptrend. There is one more vacuum zone to cross, which will likely provide great resistance, as this is the anchor of our Fibonacci levels and the relative high of the range. If risk on sentiment picks up, watch for ZN to bounce here, or even at current levels.
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