Type: Bullish ContinuationKey Levels:Resistance: 163’18Pivot: 159’16Support: 157’24Preferred Case: Price has recently broken out of the descending trendline and at pivot level of 159’16 in line with 23.6% Fibonacci retracement. Price can potentially continue its rally to the 1st resistance level of 163’18 which is also the graphical overlap resistance. Our bullish bias is supported by the Ichimoku cloud indicator as price is trading above it. Alternative Scenario:Price dip to the support level of 157’24 in line with 61.8% Fibonacci retracement and 61.8% Fibonacci projection. Fundamentals:With the uncertainty of the RUSSO-UKRAINE conflict and the implications on the US economy due to increase increase sanctions. Bond prices will continue to increase as increase frequency of rate hikes seems more unlikely. As fundamentals and technicals align, ZB1! might be a good opportunity to look into.
Source: Tickmill
