Type:
Bullish Bounce
Key Levels:
Resistance: 115.587
Pivot: 115.11
Support: 114.941
Preferred Case:
Prices have reacted off our pivot at 115.11 in line with 78.6% Fibonacci extension and 50% Fibonacci retracement and have the potential to climb towards our 1st resistance at 115.587 in line with 78.6% Fibonacci retracement and 61.8% Fibonacci extension. Our bullish bias is further supported by prices trading above our Ichimoku clouds and also RSI being on bullish momentum.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 114.941 in line with 100% Fibonacci extension.
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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.