Analysing US 10-Year Yield Trends Ahead of Non-Farm Payroll Data

I know we have non-farm payrolls tomorrow, but in my view, the US 10-year yield is telling a powerful story on the charts.

On the daily chart, the yield has broken into 2-month lows and fallen back below the 4.35% February peak, indicating potential near-term weakness.



The weekly chart shows a recent clear failure at the previous uptrend, suggesting that 4.74% was an interim peak. This implies we are likely to see short-term weakness.



Unless the market breaks above the recent high of 4.74%, I maintain my near- to short-term view that US 10-year yields are likely to slip back to their 20-month moving average at 4.05%.



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