The 10 year yield is now down -7.3 basis points at 4.357%. The 30 year is down -8.1 basis points at 4.918%. Last week recall the 30 year traded as high as 5.07%.
The decline in yields is helping to continue to push the US dollar lower.
EURUSD: The EURUSD is pushing higher, trading above and extending away from its 200-hour moving average, currently at 1.16567. The bullish momentum is bringing the pair closer to a key swing area near 1.1691—a level that served as a pivotal pivot point between April and November 2021, when the pair oscillated around it before initiating a major decline toward 0.9535. After reclaiming that area on June 26, EURUSD briefly fell back below it last week. Now, buyers face a critical test: can they not only reach but hold above the 1.1691 swing area to solidify bullish control?
USDJPY: USDJPY has broken below its 200-hour moving average, shifting the near-term bias to the downside. After initially falling beneath the level, the pair briefly retested it at 147.703 before rotating lower to a new session low. This price action now establishes the 200-hour moving average as a key resistance level. As long as the pair remains below it, the short-term outlook leans bearish. The next support comes into play near 146.86—the double bottom from last Monday and Wednesday—followed by the 38.2% retracement of the July 1 rally at 146.704, which serves as another downside target if bearish momentum builds.
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GBPUSD: The GBPUSD is also extending above its 200 hour MA 1.3496 currently. Staying above is more bullish with the swing area (red numbered circles) at 1.3505 – 1.3514 as the next target followed by the 38.2% retracement at 1.35263.
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This article was written by Greg Michalowski at investinglive.com.
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