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13 Feb 2013
Forex Flash: Bunds consolidate as 200-day MA in focus – RBS
According to Technical Markets Strategist Dmytro Bondar at RBS, “Bunds formed a reversal candlestick pattern, suggesting it might test the 142.18 support before launching an assault on 200-day MA. A bearish gap closure and a break of resistance region of 143.00 suggested the price would be likely to see further recovery to 143.20/30 (200-day MA) onto 143.70 after correction is over.”
“Overall however, momentum is turning positive, as the 20/5/5/3 slow stochastic has left the oversold region after forming a positive crossover. Therefore, a move higher towards 143.70 and 144.00 onto possibly 144.56/60 would be expected on a caveat of a sustained break below 142.00.” Bondar suggests.
“Overall however, momentum is turning positive, as the 20/5/5/3 slow stochastic has left the oversold region after forming a positive crossover. Therefore, a move higher towards 143.70 and 144.00 onto possibly 144.56/60 would be expected on a caveat of a sustained break below 142.00.” Bondar suggests.