The US Two-Year Yield Is Starting to Drop a Bit
The U.S. 2-year yield is starting to drop a bit early in Tuesday’s trading session. That being said, I think this is simply a matter of the market being a little stretched. That could lead to a little bit of U.S. dollar weakness and a little bit of risk appetite out there, so we’ll have to wait and see how this plays out.
The 10-year yield is at 4.92%, and the 2-year yield is at 4.723%. Very interesting. But again, I think we are a little stretched, so we’ll see how that plays out.
EUR/USD Technical Analysis
One of the first places we may see this is the euro against the dollar. The euro initially plunged for the session, but it looks like it could get a little bit of a bounce. Short-term trades to the upside might be in order today.
I’d be watching the 1.15 level, though. It’s a large, round, psychologically significant figure and an area where we’ve seen both support and resistance as of late. Short-term range-bound trading is what I’m thinking here.
Bitcoin Technical Analysis
Bitcoin has fallen just a touch early during the session, but it still looks pretty stout. $83,000 would be a major support level from what I can see, perhaps extending down to $81,000. So, I’m looking to take advantage of dips here, perhaps trying to jump on board the bullish side and aim for the $89,000 level.
Bitcoin did see a pretty significant fall from that area, so one would probably assume there’s going to be some supply there.
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See all Bitcoin forecastsCopper Technical Analysis
And the copper market: we are really close to breaking the recent high and should be watching this one very closely. It does make sense. The demand for copper is sky-high right now, and the supply is not getting any better.
Short-term pullbacks, I believe, still offer buying opportunities. The question that we have now is: are we still in this consolidation, or are we getting ready to break out? Volume has been pretty steady, so we’ll have to wait and see.
Above $6.90, I’ll be looking to take advantage of this momentum and perhaps try to bust through the $7 level. Pullbacks, to me, look like buying opportunities.