Type:
Bearish Reversal
Key Levels:
Resistance: 115.597
Pivot: 115.491
Support: 115.119
Preferred Case:
Prices are abiding to a daily ascending trendline. We see the potential for further bearish continuation from our Pivot in line with 38.2% Fibonacci retracement towards our 1st support at 115.119 in line with 61.8% Fibonacci extension. RSI is close to levels where dips previously occurred, supporting our bearish bias.
Alternative Scenario:
Alternatively, prices may climb towards our 1st resistance at 115.597 in line with 50% 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.