Type:
Bullish Bounce
Key Levels:
Resistance: 0.73115
Pivot: 0.7178
Support: 0.71406
Preferred Case:
Price abiding to ascending channel, signifying overall bullish momentum. We can expect price to bounce at the pivot level in line with 100% Fibonacci projection and 78.6% Fibonacci retracement towards 1st Resistance in line with 78.6% Fibonacci projection and previous swing high. Our bullish bias is further supported by the RSI indicator where it is approaching support level.
Alternative Scenario:
Alternatively, price could push down further to the 1st Support in line with 127.2% Fibonacci projection.
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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.