Type:
Bearish Reversal
Key Levels:
Resistance: 96.462
Pivot: 96.267
Support: 95.587
Preferred Case:
Prices are on bearish momentum. We see the potential for a dip from our Pivot at 96.267 in line with 161.8% Fibonacci Projection towards our 1st support at 95.587 in line with 61.8% Fibonacci retracement and 78.6% Fibonacci extension, and close to our daily ascending trendline support. Prices are trading below our ichimoku cloud resistance, further supporting our bearish bias.
Alternative Scenario:
Alternatively, prices may climb towards our 1st resistance at 96.462 in line with 200% Fibonacci extension.
Type:
Bearish Reversal
Key Levels:
Resistance: 96.462
Pivot: 96.267
Support: 95.587
Preferred Case:
Prices are on bearish momentum. We see the potential for a dip from our Pivot at 96.267 in line with 161.8% Fibonacci Projection towards our 1st support at 95.587 in line with 61.8% Fibonacci retracement and 78.6% Fibonacci extension, and close to our daily ascending trendline support. Prices are trading below our Ichimoku cloud resistance, further supporting our bearish bias.
Alternative Scenario:
Alternatively, prices may climb towards our 1st resistance at 96.462 in line with 200% 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.