EM CEEMEA CREDIT: MOLHB: US Sanction on NIS delayed

• Brief two-way flow as Treasuries maintain mildly weaker levels after lower than expected New Home sales for January, but large up-revisions to prior.
• The Mar'25 10Y contract trades 110-14.5 (-2), well inside technicals: resistance at 110-21 (High Feb 25), support below at 110-00 (High Feb 7 and a recent breakout point).
• Curves flatter: 2s10s -1.972 at 17.692; 5s30s -1.583 at 40.802.
• Cross asset: stocks moderately bid (SPX eminis +35.50 at 6005.25); Gold weaker (-11.71 at 2903.27), Crude steady (WTI at 68.93), Bbg US$ index firmer, near highs at 1288.39 (+3.71).

• MNI: US JAN NEW HOME SALES -10.5% TO 0.657M SAAR
• US DEC NEW HOME SALES REVISED TO 0.734M SAAR

• RES 4: 0.6471 High Dec 9 ‘24 
• RES 3: 0.6429 High Dec 12 ‘24               
• RES 2: 0.6414 38.2% retracement of the Sep 30 ‘24 - Feb 3 bear leg 
• RES 1: 0.6409 High Feb 21
• PRICE: 0.6309 @ 14:52 GMT Feb 26
• SUP 1: 0.6300/6231 Intraday low / Low Feb 10 
• SUP 3: 0.6171/6088 Low Feb 4 / 3
• SUP 3: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
• SUP 4: 0.6000 Round number support

AUDUSD is trading lower today. The latest pullback appears corrective, however, the pair has traded through support at the 50-day EMA, at 0.6316. A clear breach of this average would signal scope for a deeper retracement and expose 0.6231, the Feb 10 low. For bulls, a resumption of gains would refocus attention on key resistance at 0.6402/14 - the 100-dma and 38.2% of the Sep 30 ‘24 - Feb 3 bear leg respectively.