26 Jul 2013
Flash: Treasuries form inverse H&S – RBS
FXstreet.com (Barcelona) - Technical Strategist Dmytro Bondar at RBS analyses the short-term trend of treasuries.
Key quotes
“US treasuries formed an inverse head and shoulders pattern with the targets of 128-09 and 129-07. There are also resistance levels on the way up at 127-18 and 128-03+ (Fibonacci retracements from the Mar - May advance on a continuation chart with rollover adjustments).”
“The neckline has already been broken and the pull-back to the neckline ended yesterday at the 126-04+ support. Additionally, the price got support at the 20-day moving average, as shown on the chart above. Therefore, favor being long to 128-09 and 129-07 on a caveat of a sustained break below 126-04+.”
Key quotes
“US treasuries formed an inverse head and shoulders pattern with the targets of 128-09 and 129-07. There are also resistance levels on the way up at 127-18 and 128-03+ (Fibonacci retracements from the Mar - May advance on a continuation chart with rollover adjustments).”
“The neckline has already been broken and the pull-back to the neckline ended yesterday at the 126-04+ support. Additionally, the price got support at the 20-day moving average, as shown on the chart above. Therefore, favor being long to 128-09 and 129-07 on a caveat of a sustained break below 126-04+.”