Type:
Further Dips
Key Levels:
Resistance: 120.14
Pivot: 119.11
Support: 116.20
Preferred Case:
Preferred case: Prices are on bearish momentum. We see the potential for further dips from our Pivot at 119.11 in line 50% Fibonacci retracement towards our 1st support at 116.20 in line with 78.6% Fibonacci retracement and 38.2% Fibonacci retracement. Our bearish bias is further supported by Prices trading below our Ichimoku cloud support.
Alternative Scenario:
If prices were to reverse, they can potentially climb towards our 1st resistance at 120.14 which is in line with 61.8% Fibonacci projection.
Fundamentals:
No major news.
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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.