10yUST has successfully defended the July trough near 4.18%
During the recent pullback, confirming this level as a key support area. However, clear directional momentum remains absent. 10yUST has struggled to break above the 200-day moving average (DMA) at 4.38%, which acts as an interim resistance.
4.18% is an important support. A deeper pullback is likely if this is breached.
EUR/USD:INTERIM HURDLE A 1.1790/1.1830
EUR/USD has recently exhibited choppy price action around the 50-day moving average, highlighting a lack of clear short-term direction. The pair is currently testing the descending trendline drawn from July. The recent pivot highs near 1.1790/1.1830 form a key resistance zone, and it will be important to see whether EUR/USD can overcome this level.
If the pair fails to break above 1.1790/1.1830, the current phase of consolidation may continue. Last week’s low at 1.1580 serves as a crucial near-term support. Breach of this can lead to an extension in pullback.
GBP/USD:BOUNCE STALLING NEAR 1.3590
GBP/USD has rebounded after successfully defending the May low near 1.3130.The recovery has so far stalled around the recent pivot high at 1.3590.
Short-term price action may evolve within a range defined by limits of last week's low near 1.3385 and 1.3590.A break beyond one of these bands will be crucial for confirming a directional move.
USD/JPY:CONSOLIDATION WITHIN 145.80-149.10 PERSISTS
USD/JPY has so far struggled to break above the upper boundary of its recent multi-month consolidation and the 200-day moving average near 149.10, which remains a key resistance level. Price action has been subdued lately, with no clear directional momentum.
The pair continues to trade within the range defined by the recent pivot low at 145.80 and the 200-DMA at 149.10.If the pair establishes above 149.10, a larger upmove cannot be ruled out.
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Patrick has been involved in the financial markets for well over a decade as a self-educated professional trader and money manager. Flitting between the roles of market commentator, analyst and mentor, Patrick has improved the technical skills and psychological stance of literally hundreds of traders – coaching them to become savvy market operators!