US 10-year Yield (US10Y) Technical Analysis
The US 10-year yield, of course, is what I’m watching first, it’s been the story for a couple of months now and I think that will continue to be the case. We are approaching the 4.45% level, an area that’s been very difficult to break above and if we want any risk appetite at all, we better hope we don’t break above there. That being said, it does look stubbornly high, and that will put a drag on some assets.
EUR/USD Technical Analysis
The Euro looks like it’s just somewhat dead money at the moment, it’s just kind of hanging out here at the 50-day EMA. That being said, I’m watching that 10-year yield in America because if it does pull back a bit, I think we could bounce for the day. This is not a massive move I’m looking for; I’m looking for 40 to 50 pips. I’m just working with what the market gives me and right now it’s not giving me much. It’s a very choppy sideways market but one that you might be able to take advantage of.
GBP/USD Technical Analysis
The British pound has already started to bounce a little bit and that does make some sense because yields in the UK are high as well. The differential really isn’t a thing between these two currencies, at least not enough to be concerned with, and we have bounced from the crucial 1.35 level.
EUR/USD Price Forecast
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See all EUR/USD forecastsIf we break down below the 1.35 level, we will probably go looking to the 50-day EMA, but this looks like a market that wants to return toward the 1.36 level. So again, this is very much like the Euro in the sense that I’m thinking 30 to 50 pips to the upside. I’m not looking for much here. I think we’re just in an area of consolidation and choppiness, and I think that will remain the story.
PL (Platinum) Technical Analysis
Platinum is now approaching $2,000. I want to see how it behaves. If it can break above there, then I think we’ve got another $40 ahead of us. If we stall in platinum, then we start to pull back, perhaps even as low as the $1,900 level. So if rates in America continue to climb, break that 4.45% level with momentum, then I short platinum. If we rally a bit and yields drop, then I’m looking for somewhere around $2,040.