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Bund remains in consolidation mode above 150.07/00 support - Commerzbank

FXStreet (Łódź) - Karen Jones, analyst at Commerzbank observes that the Bund's tight consolidation sideways above the 150.07/00 support remains in place.

Key quotes

"This is the 50% retracement of the last leg up. This support is reinforced by the 2014 uptrend on the daily continuation chart at 149.77 and the 149.36 55 day ma. Both maintain the longer term bull move."

"The intraday chart is suggesting we have based down here for now, which suggests near term risks are on the topside."

"However the market has yet to clear initial resistance at 150.74, this guards the 151.26/28 Fibo and then 151.97/152.00 the 78.6% retracement."

"Major resistance remains the 20 year channel and recent high at 152.46/49.If this is tested we again look for this to cap the topside."

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