The fake out then breakout in 5-years is pointing to larger moves elsewhere

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5s on the verge of a popUS 5-year notes have essentially been range-bounce since March but we could be at the end of the period of consolidation.Rates today are in danger of closing at the highest levels of the year. The bond king says we're already at the intraday highs of the year but we're not on my chart: This is such a classic chart. There's the big breakdown, the retracement, the consolidation, then it's broken higher.The delta scare in July caused a fake break to the downside but with the move up now, that simply confirms the rejection of the bottom of the range.Once this breaks to the upside, I think it's a fairly straight shot to 1.35%, though I doubt it will be as fast as February/March.How does that look in other markets?For sure it's good in USD/JPY and that will track this very closely. You'll note that pair has been stuck in the mud since March as well -- that's not a coincidence. If/when this breaks to the upside, so will t
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