Type:
Bullish Bounce
Key Levels:
Resistance: 131.493
Pivot: 130.532
Support: 130.078
Preferred Case:
Prices are on bullish momentum and consolidating in a bullish channel. We see the potential for a bounce from our Pivot at 130.532 in line with 61.8% Fibonacci retracement towards our 1st resistance at 131.493 in line with 78.6% Fibonacci extension. Prices are trading above our Ichimoku Clouds, further supporting our bullish bias.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 130.078 in line with 100% 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.