Type:
Bullish Bounce
Key Levels:
Resistance: 119.01
Pivot: 117.918
Support: 117.29
Preferred Case:
Prices are on bullish momentum. We see the potential for further bullish continuation from our Pivot at 117.918 in line with 23.6% Fibonacci retracement and 127.2% Fibonacci Projection towards our 1st resistance at 119.01. Prices are trading above our Ichimoku cloud support, further supporting our bullish bias.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 117.29 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.