Type:
Bullish Rise
Key Levels:
Resistance: 73.42
Pivot: 72.11
Support: 70.81
Preferred Case:
With price moving above the Ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance in line with the 73.42 in line with the overlap resistance and 61.8% Fibonacci retracement from our pivot of 72.11 in line with the 23.6% Fibonacci retracement and the horizontal pullback support.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 70.81 in line with the 50% Fibonacci retracement and the horizontal overlap support.
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.