Type: Bearish ContinuationKey Levels:Resistance: 152″18Pivot: 154’05Support: 152’14Preferred Case:With price moving below the Ichimoku cloud, we are biased that price retest at our pivot of 154’05 in line with the 38.2% Fibonacci retracement and horizontal overlap resistance and dip to our 1st support at 152’14 in line with the horizontal swing low support.Alternative Scenario:Alternatively, price could potentially break out pivot structure and head to 1st resistance at 155’09 in line with the 61.8% Fibonacci retracement level and horizontal overlap resistance.Fundamentals:With inflation data coming out tonight, treasury yields will continue to rise ahead of inflation data causing a decreases in prices. Yields will continue to increase as fed signals an aggressive hawkish tone with rate hikes. Do take note that fundamentals and technicals do no line up leading to a risk on factor in regards to ZB1!
Source: Tickmill