A modest dip Thursday, after a strong rally through midweek and the start of Q2, as expected to push above the 129-125 peak from latter March and also our retrace target at 129-18.
Despite the setback, modest pivotal support at 129-02/00 is untested, to leave upside risks into today's US Employment report.
- We see an upside bias for 129-14 and the new 129-23 peak; break here aims for 130-00, which we would look to try to initially cap.
- But below 129-02/00 opens risk down to 128-24, which we would look to try to hold.
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2 Hour US 10yr Future Chart