Type:
Bullish Continuation
Key Levels:
Resistance: 760'0
Pivot: 719'0
Support: 689'4
Preferred Case:
On the H4 chart, price is near our pivot of 719'0 in line with horizontal overlap support and 38.2% Fibonacci retracement . Price can potentially rise to our 1st resistance level at 760'0 in line with the 127.2% Fibonacci projection and 161.8% Fibonacci extension . Our bullish bias is supported by how price is moving above the ichimoku cloud .
Alternative Scenario:
Alternatively, price may head to our 1st support at 689'4 in line with he 61.8% Fibonacci retracement level.
Fundamentals:
No major news event.
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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.