Prices are facing bearish pressure as it broke out from ascending trend line support. Prices might pullback towards ascending trend line in line with 50% Fibonacci retracement and 61.8% Fibonacci extension. Prices might push down towards horizontal swing low support in line with 161.8% Fibonacci extension and 161.8% Fibonacci retracement. MACD is also showing bearish pressure. If prices continue to push up, prices might face resistance from horizontal swing high resistance in line with 127.2% 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.