Monthly US Chart 10 Year Yield: Consolidating gains - studies rising

Choppy trade around 4.500% has given way to a break higher, with yields reaching 4.745% before settling into fresh consolidation.

Overbought monthly stochastics are flattening, suggesting room for further consolidation into the coming weeks.

But the positive daily Tension Indicator and improving longer-term charts point to room for a later break to stronger resistance at the 4.809% year high of January 2025.

However, critical resistance is at congestion around 5.000% and the 5.021% multi-year high of October 2023.

This should cap any immediate tests above 4.809%.

Meanwhile, support is at congestion around 4.500%.

A close beneath here, if seen, would add weight to sentiment and open up the 4.361 monthly low of 30 June.

However, rising weekly studies should limit any tests of the 4.361% - 4.500% range in consolidation.

A break, not expected, would turn sentiment negative and prompt a deeper retracement towards congestion around 4.250%.