Type:
Bullish Bounce
Key Levels:
Resistance: 116.586
Pivot: 115.63
Support: 115.045
Preferred Case:
Prices are on bullish momentum and consolidating in an ascending channel. We see the potential for a bounce from our Pivot at 115.63 in line with 23.6% Fibonacci retracement towards our 1st resistance at 116.586 in line with 127.2% Fibonacci extension. Our bullish bias is further supported by prices trading our Ichimoku clouds.
Alternative Scenario:
Alternatively, breaking our channel might find prices dipping towards our 1st support at 115.045 in line with 100% 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.