Type:
Bearish Drop
Key Levels:
Resistance: 115.468
Pivot: 114.890
Support: 114.529
Preferred Case:
Prices are on bullish momentum and abiding to our ascending trendline. We see the potential for a bounce from our Pivot at 114.890 in line with 161.8% Fibonacci extension and 161.8% FIbonacci retracement towards our 1st resistance at 115.468 in line with 200% Fibonacci projection and graphical swing high. Our bullish bias is further support by prices trading above ichimoku clouds and MA 18.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 114.529 in line with 23.6% 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.