Type:
Bearish Reversal
Key Levels:
Resistance: 125.951
Pivot: 125.68
Support: 124.969
Preferred Case:
Prices are at a strong graphical resistance at our pivot at 125.68 in line with 61.8% Fibonacci extension. We see the potential for a dip from our Pivot towards our 1st support at 124.969 in line with 50% Fibonacci retracement. Divergence is spotted on RSI, further supporting out bearish bias.
Alternative Scenario:
Alternatively, prices may climb towards our 1st resistance at 125.951 in line with 78.6% Fibonacci extension.
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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.