Type:
Bullish Bounce
Key Levels:
Resistance: 96.154
Pivot: 95.868
Support: 95.719
Preferred Case:
Prices are on bullish momentum and abiding to our ascending trendline. We see the potential for a bounce from our Pivot at 95.868 in line with 61.8% Fibonacci extension towards our 1st resistance at 96.154 in line with 161.8% Fibonacci projection and 78.6% Fibonacci retracement. Prices are trading above our Ichimoku clouds, further supporting our bullish bias.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 95.719 which is a graphical overlap and in line with 61.8% Fibonacci extension and 61.8% Fibonacci retracement.
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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.