Type:
Bearish Reversal
Key Levels:
Resistance: 128.11
Pivot: 127.65
Support: 127.009
Preferred Case:
On the H4, with price moving below the Ichimoku cloud and the stochastic indicator moving in a downtrend channel, we have a bearish bias that prices will drop to our 1st support at 127.009 where the overlap support is from our pivot at 127.65 in line with horizontal overlap resistance and 23.6% Fibonacci retracement
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st resistance at 128.11 where the horizontal overlap resistance, 38.2% Fibonacci retracement and 38.2% Fibonacci retracement are.
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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.