Type:
Bullish Rise
Key Levels:
Resistance: 105.261
Pivot: 104.173
Support: 103.586
Preferred Case:
On the H4, with price moving in an ascending trendline and above the ichimoku cloud , we have a bullish bias that price will continue to rise from the pivot at 104.173 at the pullback support in line with the 78.6% fibonacci retracement to the 1st resistance at 105.261 in line with 61.8% fibonacci projection and multiple swing highs.
Alternative Scenario:
Alternatively, price may drop from the pivot to the 1st support at 103.586 at the swing low in line with the 61.8% fibonacci projection .
Fundamentals:
Uncertainty about peak inflation in the US continues to support the dollar
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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.