Bearish Continuation

Key Levels:
Resistance: 103.235
Pivot: 102.830
Support: 102.370

Preferred Case:
With price moving below the Ichimoku cloud, we have a bearish bias that price will drop to our support in line with the horizontal swing low support and 78.6% fibonacci projection from our pivot in line with the horizontal pullback resistance.

Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st resistance in line with the overlap resistance, 78.6% Fibonacci projection and 50% Fibonacci retracement. Take note of intermediary support at 102.680.

The overarching aggressive hawkish Fed rhetoric has largely been priced in, allowing longs an excuse to take profit until the central bank chief Powell speaks on 25 May. We have a Mixed-to-Weak Bullish view on the trade.