US 10 YEARS - CONSOLIDATION ?

WEEKLY (W1)

Looks like a corrective move which should, for the time being, be seen as a consolidation phase or pullback towards the triangle pattern breakout level !

Indeed, looking at the weekly picture, we can identify two important support levels, which are the following :

S1 : 1.7960 (Tenkan-Sen) also roughly the 38.2% Fib ret (@ 1.7850 % of the last 1.3360 %-2.0630 % move
S2 : 1.6600 (Kijun-Sen and Mid Bollinger Band) and former downtrend line resistance which became the new support

Interesting to note that the 61.8% Fibonacci retracement is @ 1.6140 % which roughly coincides with the apex of the triangle pattern !

A breakout of 1.66 would put the focus on the weekly clouds support zone & 78.6 % Fib ret extension @ 1.4920 %

On the upside, the triangle technical target remains @ 2.33 % and is still alive.

RSI above 50, @ 65.33

LAGGING LINE far above the clouds and KS and TS

DAILY (D1)

Currently still above the daily Kijun-Sen @ 1.8850

Next support on a Daily basis are the following :

S1 : 1.7850 %
S2 : 1.7000 %
s3 : 1.6140 % (bottom of the daily clouds support area)

RSI above 50, @ 51.07

LAGGING LINE far above the clouds and also above both TS and KS

CONCLUSION :

Watch and monitor very carefully price action on shorter intraday time frames (H4, H1 and 15 minutes) to get clues which will help you to validate or invalidate the implications of the scenarios above mentioned for longer (D1 and W1 time frames)

Have a nice trading week.

All the best and take care

IRONMAN8848 & Jean-Pierre Burki