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FOREX

RBC Trades For 2022

BUND TECHS
BUND TECHS: (H18) Finds Support From 2 Week Bear Channel Base
*RES 4: 162.37 Dec 27 high
*RES 3: 162.04/09 Jan 8 high, 76.4% Fibo of 162.37-161.18
*RES 2: 161.80 Congestion area Jan 8-9
*RES 1: 161.61/71 Hourly resistance, Initial low Jan 8
*PRICE: 161.53 @0845GMT
*SUP 1: 161.05/15 Hourly support
*SUP 2: 160.85/91 2 week channel base, Jan 10 low
*SUP 3: 160.76 Oct 25 low
*SUP 4: 160.65 1.618 swing of 161.18-162.04
*COMMENTARY* Broke below 161.08-160.96 on Wednesday but found support in line
with the two week channel base, which by time today has moved down to 160.85.
Then some oversold hourly conditions kicked in, allowing some respite. In this
respect, the 161.61-161.80 area now provides initial resistance. Need back
through here, before immediate bias can turn higher again. Meanwhile, support
from 161.15-161.05 protects against a fresh downside test.