Type:
Bullish Bounce
Key Levels:
Resistance: 0.72596
Pivot: 0.71617
Support: 0.71129
Preferred Case:
Price broke out of the descending channel, signifying an overall bullish momentum. We can expect price to bounce from pivot level in line with 23.6% Fibonacci retracement and graphical overlap support towards 1st Resistance in line with previous swing high and 100% Fibonacci projection. Our bullish bias is further supported by the Ichimoku indicator where the prices are holding above the cloud.
Alternative Scenario:
Alternatively, price can drop down to 1st Support in line with 61.8% Fibonacci projection and 61.8% Fibonacci retracement.
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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.