1 Aug 2013
Flash: Inverse H&S theme in place for treasuries – RBS
FXstreet.com (New York) - Technical Strategist Dmytro Bondar at RBS analyses the short-term trend of Treasuries.
Key quotes
“The inverse head and shoulders pattern with the targets of 128-09 and 129-07 is still in place. Resistance levels include 127-18 and 128- 03+ (Fibonacci retracements from the March - May advance on a continuation chart with rollover adjustments).”
“The neckline has already been broken and the pull-back to the neckline materialized, as the price gained support at 126- 04+/03. Additionally, the price got support at the 20-day moving average.”
“We favor being long to 128-09 and 129-07 on a caveat of a sustained break below 126-03. The stop has been slightly adjusted to account for the possibility of a dip to 126-04/03+.”
Key quotes
“The inverse head and shoulders pattern with the targets of 128-09 and 129-07 is still in place. Resistance levels include 127-18 and 128- 03+ (Fibonacci retracements from the March - May advance on a continuation chart with rollover adjustments).”
“The neckline has already been broken and the pull-back to the neckline materialized, as the price gained support at 126- 04+/03. Additionally, the price got support at the 20-day moving average.”
“We favor being long to 128-09 and 129-07 on a caveat of a sustained break below 126-03. The stop has been slightly adjusted to account for the possibility of a dip to 126-04/03+.”