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8 Apr 2013
Forex Flash: Bunds face uptrend – RBS
FXstreet.com (Barcelona) - Bunds remain in place with a new support gained at the 145.80 level, being the 161.8% Fibonacci projection from the February-March 2013 impulse wave. However, according to Technical Strategist Dmytro Bondar at RBS, “ Bunds face a strong resistance at 146.80/90, where several projected Fibonacci levels lie (e.g. the full 200% projection of the February-March 2013 move).”
Moreover, “The price heads towards the 146.90 resistance, where there might be an initial reaction leading to a consolidation within the 146.20 – 146.90 region. Once the 146.90 resistance is broken, the next targets would be 147.63, 148.09 and 148.44. A caveat would be a break below the trendline or 13-day MA.” Bondar adds.
Moreover, “The price heads towards the 146.90 resistance, where there might be an initial reaction leading to a consolidation within the 146.20 – 146.90 region. Once the 146.90 resistance is broken, the next targets would be 147.63, 148.09 and 148.44. A caveat would be a break below the trendline or 13-day MA.” Bondar adds.