Type:
Bullish Bounce
Key Levels:
Resistance: 0.72575
Pivot: 0.71109
Support: 0.70834
Preferred Case:
Price broke out of the descending channel, signifying an overall bullish momentum. We can expect price to bounce from pivot level in line with 61.8% Fibonacci retracement and 127.2% Fibonacci projection towards 1st Resistance in line with 78.6% Fibonacci projection. Our bullish bias is further supported by the Ichimoku cloud indicator where it is acting as a support.
Alternative Scenario:
Alternatively, price can push further down to 1st Support in line with 78.6% Fibonacci retracement.
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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.