Type:
Bullish Bounce
Key Levels:
Resistance: 115.143
Pivot: 114.638
Support: 114.638
Preferred Case:
Prices are on bullish momentum and abiding to our ascending trendline support. We see the potential for a bounce from our Pivot at 114.638 in line with 100% Fibonacci extension towards our 1st resistance at 115.143 in line with 38.2% Fibonacci retracement. Ichimoku is forecasting the bullish move.
Alternative Scenario:
Alternatively, prices may break our pivot at 114.638 in line with 61.8% Fibonacci extension towards our 1st support at 114.388.
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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.