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Forex Flash: Bund recovery in focus – RBS

By FXstreet.com,  January 15, 2013, 05:01:00 AM EDT

FXstreet.com (Barcelona) - According to Technical Strategist Dmytro Bondar at RBS, "The outlook for the Bund remains the same, as we continue to look for an initial recovery to the first Fibonacci retracement of 143.30 of the recent impulse wave and above: 143.78, onto 144.17."

In addition, "there is also some resistance expected at 142.90-143.00, where the 200-day MA and retracement from the July 2012 impulse wave lie. Momentum is getting oversold, and is now showing signs of emerging divergence with the price action." Bondar adds.

Conversely, "support levels include 142.18/00, 141.74 and 141.26, which are Fibonacci retracements from the July 2012 impulse wave and projections from the recent selloff on a continuation chart. Stops can be moved to 142.42 to lock profits." he suggests.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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