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Forex Flash: Bunds eye trendline for correction – RBS

FXstreet.com (Barcelona) - Despite a pullback, yesterday’s Bund price action was way above the trendline, standing near the 144.70/77 support region. According to Dmytro Bondar, a Technical Markets Strategist at RBS, “A push beyond the 145.40/50 resistance combined with a weekly bullish opening gap confirmed the uptrend likely to continue to 146.22 and beyond and suggested the support area is likely to hold.”

The caveat would be a developing negative divergence in the 20/5/5/3 slow stochastic oscillator. Hence a test of the 144.70/77 region would be most important in determining whether the recent weakness is just a correction in a trend that was too steep, or reversal to 144.00 onto the 143.50 region, should the trendline be broken.

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