Type:
Bearish Continuation
Key Levels:
Resistance: 154'04
Pivot: 153'15
Support: 151'11
Preferred Case:
With price moving below the Ichimoku cloud, we are biased that price retest at our pivot of 153'15 in line with the 50% Fibonacci retracement and horizontal overlap resistance and dip to our 1st support at 151'11 in line with the horizontal swing low support and 78.6% Fibonacci retracement level.
Alternative Scenario:
Alternatively, price could potentially break out pivot structure and head to 1st resistance at 154'04 in line with the horizontal swing high resistance and 61.8% Fibonacci retracement.
Fundamentals:
As geopolitical tensions between Russia and Ukraine continue to escalate, bond prices may continue to climb as investors flock to safe haven assets. As technical and fundamentals does not align , there is a risk on factor in regards to ZB1!
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.