Type:
Bearish Reversal
Key Levels:
Resistance: 125.084
Pivot: 124.962
Support: 124.677
Preferred Case:
Prices are consolidating in a triangle and are on bearish momentum. We see the potential for a dip from our Pivot at 124.962 in line with 100% Fibonacci extension towards our 1st support at 124.675 in line with 61.8% Fibonacci retracement. Our bearish bias is further supported by base line crossing over our conversion line and RSI being on bearish momentum.
Alternative Scenario:
Alternatively, prices may climb towards our 1st resistance at 127.2% Fibonacci extension and 88% 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.