US 10-year Treasury yields did close below 4.50 last week and below the lower rising trendline indicating a possible downtrend. However, the RSI didn’t close below 40 threshold i.e., not confirming a downtrend.
Wit the bounce back above the rising trendline and above the 55 DMA yields could be resuming uptrend.
Currently testing the 0.382 retracement a close above could lead to further upside to the 0.618 retracement at around 4.80.
The RSI is testing its falling trendline and a close above will indicate yields are likely to rise to 4.80 level.
A close above 4.80 would be an indication of previous peak at 4.01 is likely to be tested. A close below last week’s low at 4.47 will establish a downtrend. A close below 4.47 will also most likely push the RSI below 40 thus confirming the bearish scenario