US 10-Year Yield Technical Analysis
The US 10-year yield is bouncing slightly from the 50-day EMA as we continue to bounce around back and forth between the 4.45% level. This is the bottom of the range we’ve been in for several weeks, so we’ll see if rates bounce again.
There are a lot of concerns out there about the MOU, the so-called framework between the United States and Iran to get to a peace deal. The details are very light, so it’ll be interesting to see how this behaves. It will have a major influence on everything else.
Bitcoin Technical Analysis
Bitcoin has pulled back a bit. It is testing the 64,000 region that I had talked about previously. And now, I think a bounce from this breakout is possible. What we need to see is maybe rates drop a little bit, but I’ll be watching Bitcoin for the first signs of a V pattern on short-term charts to take advantage of an entry here.
Bitcoin could be a longer-term move towards the 50-day EMA, but if it breaks below the $64,000 level for more than an hour, I don’t really think you have a viable move.
Russell 2000 Technical Analysis
The Russell 2000 is an index that I’m watching. We’re right here at the 2,950 level, an area that previously was resistance. Again, this is kind of like Bitcoin in the sense of will it bounce? If it bounces, it could be a nice opportunity here. We’ll just have to wait and see how that plays out.
If we continue to fall, as long as we can stay above 2900 before we bounce, that might be an opportunity as well. Obviously, it’s in an uptrend. I don’t wish to fight that.
AUD/CHF Technical Analysis
The Australian dollar against the Swiss franc, this is a risk appetite currency pair. Obviously, the interest rate differentials favor Australia. I’m looking to buy it today for a short-term bounce. I’m not looking for anything major. We’re probably talking 40 or 50 pips, but it does offer a steady and possible return. It might even be something I hold for a couple of days. We’ll just have to wait and see.
But this to me looks like a market that has found stability and, as a result, short-term range-bound traders will almost certainly be willing to take advantage of it.