US 10 year yields Fundamentals and Technicals

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 US 10 year yields daily chart


As seen in the above daily chart of US 10 year yield, prices are moving in a lower highs and lower lows and the angle of the trend line is also changing as steepness has been intensified. However, the previous formation in the chart looks to be like a rounding bottom or a inverse cup and handle pattern, right now the correction can be the handle which can drag prices close to 1.05 where 50% of the retracement is placed.

Fom Wave theory, prices are moving in wave b at one higher degree which can drag prices lower following that wave c will start surpassing the resistance of 1.78-1.80 levels.

Fundamentlly, FED minutes and the data coming from US in the month of June indicates that the economy is doing quite well and tapering the bond purchase can be stopped soon enough, this means it can be next year and the rate hike can be seen next year or at the end of 2023. Hawkish stance is been taken by many FED officials which will take prices way higher but now prices will fall in coming months or so.

The summation is US 10 year yields will drop to 1.05 over short to medium term thereafter it will surpass the resistance of 1.78 to give a bullish break over long term.

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