Type:
Bearish Reversal
Key Levels:
Resistance: 129.264
Pivot: 128.74
Support: 127.369
Preferred Case:
Prices are on bearish momentum and abiding to our descending trendline. We see the potential for a dip from our Pivot at 128.74 in line with 50% Fibonacci retracement and 61.8% Fibonacci extension towards our 1st support at 127.369 in line with 100% Fibonacci retracement and 127.2% Fibonacci extension. Prices are trading below our ichimoku cloud resistance further supporting our bearish bias.
Alternative Scenario:
Alternatively, prices may climb towards our 1st resistance at 129.264 in line with 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.