Type:
Bearish Continuation
Key Levels:
Resistance: 1622'6
Pivot: 1611'2
Support: 1581'0
Preferred Case:
With the ichimoku indicating some bearish momentum, we have a bearish bias that price will drop to our 1st support in line with the swing low support at 1581'0 from our pivot of 1611'2 in line with the 38.2%, 50% Fibonacci retracement and 78.6% Fibonacci projection.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st resistance in line with the 50% Fibonacci retracement and 100% Fibonacci projection.
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.