Type:
Bearish Drop
Key Levels:
Resistance: 147'30
Pivot: 146'27
Support: 145'23
Preferred Case:
We see the potential for bearish drop from our Pivot level at 147'30 in line 23.6% Fibonacci retracement towards our 1st support level at 148'24 in line with 78.60% Fibonacci projection and 161.8% Fibonacci extension is. Our bearish bias is supported by how price is moving below the Ichimoku indicator.
Alternative Scenario:
If price breaks out, it can potentially move towards our 1st resistance level at 147'30 which is in line with 100% Fibonacci projection and horizontal swing high resistance.
Fundamentals:
Economic risks from inflation and tightening monetary policy causes bearish sentiments around the bonds market.
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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.