WEEKLY (W1)
Last week price action triggered an HARAMI pattern which confirmed the RSI BEARISH DIVERGENCE detected last week.
Therefore, following this recent downside move it is likely to see a continuation towards 2.35% which is the
next support level (Tenkan-Sen) ahead of the ongoing weekly uptrend support line, currently @ 2.20%.
In order to neutralise the ongoing downside risk, the US 30Y should recover on a weekly closing, at least above 2.5075%
which if achieved, would trigger a PIERCING LINE pattern and which would be seen as the first positive signal, calling for further upside., towards former highs @ 2.6440, ahead of the next resistance @ 2.8750 % being the 78.6% Fibonacci extension level (3.4650 % - 0.71%).
A failure to recover and close above 2.5075 % on a weekly closing basis, would continue to maintain this ongoing selling (yield ) pressure, having in mind the 2.20% -2.00% target in this weekly time frame.
DAILY (D1)
Double top trigger level @ 2.4640 % activated - target 2.28 %
Last daily closing level @ 2.4360%, below :
1) Tenkan-Sen
2) Ongoing downtrend line resistance
3) Mid Bollinger Band
KIJUN-SEN in support @ 2.3570 %, also the 50 % Fib ret of the 2.0690 % - 2.6450% upside move
The 61.8% Fib ret @ 2.2890 % coinciding roughly with the double top target @ 2.28% previously mentioned
Below the DAILY CLOUDS SUPPORT AREA around 2.20% which corroborate perfectly the weekly view expressed above.
4 HOURS (H4)
Currently below the CLOUDS and slightly supported by the LAGGING LINE which is still in the CLOUDS.
Once again WATCH THE CLOUDS (2.50 %-2.56 % which should be seen as the first resistance area which should be broken and which would temporarily neutralise this ongoing downside risk, calling for lower levels.
Interesting to note that the bottom of the H4 clouds resistance area coincides roughly with the important level of 2.5075 % above mentioned in the weekly analysis.
IRONMAN 8848 & Jean-Pierre Burki
Last week price action triggered an HARAMI pattern which confirmed the RSI BEARISH DIVERGENCE detected last week.
Therefore, following this recent downside move it is likely to see a continuation towards 2.35% which is the
next support level (Tenkan-Sen) ahead of the ongoing weekly uptrend support line, currently @ 2.20%.
In order to neutralise the ongoing downside risk, the US 30Y should recover on a weekly closing, at least above 2.5075%
which if achieved, would trigger a PIERCING LINE pattern and which would be seen as the first positive signal, calling for further upside., towards former highs @ 2.6440, ahead of the next resistance @ 2.8750 % being the 78.6% Fibonacci extension level (3.4650 % - 0.71%).
A failure to recover and close above 2.5075 % on a weekly closing basis, would continue to maintain this ongoing selling (yield ) pressure, having in mind the 2.20% -2.00% target in this weekly time frame.
DAILY (D1)
Double top trigger level @ 2.4640 % activated - target 2.28 %
Last daily closing level @ 2.4360%, below :
1) Tenkan-Sen
2) Ongoing downtrend line resistance
3) Mid Bollinger Band
KIJUN-SEN in support @ 2.3570 %, also the 50 % Fib ret of the 2.0690 % - 2.6450% upside move
The 61.8% Fib ret @ 2.2890 % coinciding roughly with the double top target @ 2.28% previously mentioned
Below the DAILY CLOUDS SUPPORT AREA around 2.20% which corroborate perfectly the weekly view expressed above.
4 HOURS (H4)
Currently below the CLOUDS and slightly supported by the LAGGING LINE which is still in the CLOUDS.
Once again WATCH THE CLOUDS (2.50 %-2.56 % which should be seen as the first resistance area which should be broken and which would temporarily neutralise this ongoing downside risk, calling for lower levels.
Interesting to note that the bottom of the H4 clouds resistance area coincides roughly with the important level of 2.5075 % above mentioned in the weekly analysis.
IRONMAN 8848 & Jean-Pierre Burki
