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3 May 2013
Forex Flash: Bund characterized by bullish outlook – RBS
FXstreet.com (Barcelona) - According to Technical Strategist Dmytro Bondar at RBS, “Bunds tested new highs above the 146.77 resistance confirming the bullish view – the level is the 161.8% Fibonacci projection from the January-March impulse wave.”
Moreover, there is however another resistance level of 146.93, which needs to be cleared to look for a rally to the next major pivot point of 147.63. Support is gained at 146.50, 146.23 and 20-day MA. Overall, “we keep a bullish stance, looking for a test of 147.43/63, 148.09 and 148.44/50. The primary caveat would be a sustained break below 146.23 and/or 20-day MA.”
Moreover, there is however another resistance level of 146.93, which needs to be cleared to look for a rally to the next major pivot point of 147.63. Support is gained at 146.50, 146.23 and 20-day MA. Overall, “we keep a bullish stance, looking for a test of 147.43/63, 148.09 and 148.44/50. The primary caveat would be a sustained break below 146.23 and/or 20-day MA.”