Type:
Bearish Reversal
Key Levels:
Resistance: 0.73178
Pivot: 0.72908
Support: 0.71743
Preferred Case:
Prices are consolidating in a parallel channel. With bearish divergence spotted on RSI, we see the potential for a dip from our Pivot at 0.72908 in line with 100% Fibonacci retracement and 100% Fibonacci extension towards our 1st support at 0.71743 in line with 61.8% Fibonacci retracement.
Alternative Scenario:
Alternatively, prices may climb higher towards our 1st resistance at 0.73178 in line with 127.2% Fibonacci extension and 100% 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.