Type:
Bullish Bounce
Key Levels:
Resistance: 0.72469
Pivot: 0.71675
Support: 0.70948
Preferred Case:
On the H4 timeframe, price is moving within the ascending channel signifying an uptrend. We see potential for a bounce from our pivot at 0.71675 in line with 61.8% Fibonacci retracement towards 1st resistance at 0.72469 in line with swing high resistance. Prices are trading above our Ichimoku cloud support, further supporting our bullish bias.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 0.70948 in line with the swing low support.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.