Type:
Bullish Bounce
Key Levels:
Resistance: 115.791
Pivot: 115.335
Support: 115.217
Preferred Case:
Prices are on bullish momentum. We see the potential bullish continuation from our Pivot at 115.335 in line with 23.6% Fibonacci retracement and 61.8% Fibonacci Projection towards our 1st resistance at 115.791 in line with 100% Fibonacci retracement and 100% Fibonacci extension. Prices are trading above our Ichimoku clouds, further supporting our bullish bias.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 115.217 in line with 38.2% 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.