Type:
Bullish Breakout
Key Levels:
Resistance: 140.799
Pivot: 135.596
Support: 131.463
Preferred Case:
On the H4, with price moving above the ichimoku indicator, we have a bullish bias that price will rise to our pivot at 135.596 where the pullback resistance is. Once there is upside confirmation, we would expect bullish momentum to carry price to our 1st resistance at 140.799 where the 100% fibonacci projection and 61.8% fibonacci projection are . Take note of the intermediate resistance level at 136.752 where the swing high resistance is.
Alternative Scenario:
Alternatively, price may drop to 1st support at 131.463 in line with the swing low support, 100% fibonacci projection and 50% fibonacci retracement. Take note of the intermediate support at 134.251 in line with 50% fibonacci retracement and 61.8% 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.