Type:
Bearish Dip
Key Levels:
Resistance: 4.7220
Pivot: 4.6690
Support: 4.6145
Preferred Case:
We see the potential for a dip from our pivot at 4.6690 in line with 38.2% Fibonacci retracement and 78.6% Fibonacci projection towards our 1st support at 4.6145 in line with 78.6% Fibonacci projection and -27.2% Fibonacci expansion. Our bearish bias is supported by price trading below the Ichimoku cloud indicator.
Alternative Scenario:
Alternatively, price may break our pivot structure and head for 1st resistance at 4.7220 in line with 61.8% Fibonacci retracement and 100% Fibonacci projection.
Fundamentals:
No major news.
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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.