More upside likely for US 10-year T-note and bunds
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
The US 10-year T-Note broke bullishly out of its falling wedge formation, hitting $120 resistance earlier today. Currently it looks like it will close above here and if it does there's no resistance before the 121 – 121 12/32 area.
RSI has broken above 60 threshold and a close above this indicates bullish sentiment for the T-Note
If it drops back below as of close today it could drop all the way down to support at 119.
Medium-term (weekly chart)
A massive bullish engulfing pattern last week, a broken falling trend line and RSI divergence indicate higher levels, possibly around 121.
We've broken out of the triangle and now also the 200-day moving average. RSI is bullish and there seems to be room up to around the 163-164 area.
Euro bund with long-term falling trend line.
Source for all charts: Saxo Bank
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