US 10-yr treasury yield – Bearish Cypher set up
The hourly chart shows bullish price RSI divergence led to the recovery in the yield from the record low of 1.322%.
We also have a bearish cipher set up, courtesy of the recovery from record low.
Point D, which is the potential reversal zone, stands at 1.499%. This means the yield could turn lower from 1.499% or if the level is breached on the higher side on daily closing basis, we may be in for a rally to 1.59%.
Breach of 1.499% on the higher side appears likely if the non-farm payrolls report beats consensus estimates and wage growth numbers spike.
Otherwise, yield is more likely to reverse from Point D = 1.499%.
We also have a bearish cipher set up, courtesy of the recovery from record low.
Point D, which is the potential reversal zone, stands at 1.499%. This means the yield could turn lower from 1.499% or if the level is breached on the higher side on daily closing basis, we may be in for a rally to 1.59%.
Breach of 1.499% on the higher side appears likely if the non-farm payrolls report beats consensus estimates and wage growth numbers spike.
Otherwise, yield is more likely to reverse from Point D = 1.499%.
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