Type:
Bearish Dip
Key Levels:
Resistance: 4.7880
Pivot: 4.7650
Support: 4.7270
Preferred Case:
We see the potential for a dip from our pivot at 4.7650 in line with 50% Fibonacci retracement towards our 1st support at 4.7270 in line with 38.28% Fibonacci retracement. Our bearish bias is supported by the stochastic indicator where price is at resistance level.
Alternative Scenario:
Alternatively, price may break our pivot structure and head for 1st resistance at 4.7880 in line with 61.8% Fibonacci retracement and 61.8% Fibonacci projection.
Fundamental:
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.