Type:
Bearish Reversal
Key Levels:
Resistance: 116.503
Pivot: 116.338
Support: 115.935
Preferred Case:
Prices are on bullish momentum and abiding to our ascending trendline support. We see the potential for a pullback from our Pivot at 116.338 which is a graphical overlap towards our 1st support at 115.935 in line with 23.6% Fibonacci retracement. RSI is at levels where dips previously occurred.
Alternative Scenario:
Alternatively, prices may climb higher towards our 1st resistance at 116.503 in line with 161.8% Fibonacci extension and 161.8% Fibonacci Projection.
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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.