Type:
Bearish Momentum
Key Levels:
Resistance: 129'14'5
Pivot: 126'30'5
Support: 124'09'0
Preferred Case:
On the H1, with price moving below the ichimoku cloud , we have a bearish bias that price will drop to the pivot at 126'30'5 in line with the overlap support and 61.8% fibonacci projection. Once there is downside confirmation of price breaking pivot structure, we would expect bearish momentum to carry price to the 1st support at 124'09'0 where the 100% fibonacci projection and swing low support are.
Alternative Scenario:
Alternatively, price may rise to the 1st resistance at 129'14'5 where the pullback resistance, 78.6% fibonacci retracement and 100% fibonacci projection are.
Fundamentals:
No Major News
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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.