Type:
Bullish Rise
Key Levels:
Resistance: 103.225
Pivot: 102.592
Support: 101.856
Preferred Case:
On the H4, with price moving above the ichimoku cloud , we have a bullish bias that price will rise from our pivot at 102.592 at the swing high to the 1st resistance at 103.225 in line with the 50% fibonacci retracement and 100% fibonacci projection.
Alternative Scenario:
Price may also reverse off the pivot and drop to the 1st support at 101.856 in line with the 61.8% fibonacci retracement.
Fundamentals:
with rising fears of recession, the US dollar weakened as markets cut back on a more hawkish Federal Reserve next year.
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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.