Type:
Bearish Continuation
Key Levels:
Resistance:
1978.0
Pivot:
1759.5
Support:
1830.5
Preferred Case:
On the H4 chart, we have a bearish bias. To add confluence to this, price is under the Ichimoku cloud which indicates a bearish market. If this bearish momentum continues, expect price to possibly head back down to the support line at 1830.5, where the 78.6% Fibonacci line is located.
Alternative Scenario:
Price may go back up and head towards the 1st resistance at 1978.0 where the 738.2% Fibonacci line is located.
Fundamentals:
There are 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.