Type:
Bullish Bounce
Key Levels:
Resistance: 96.692
Pivot: 96.245
Support: 96.084
Preferred Case:
Prices are on bullish momentum and abiding to our ascending trendline. We see the potential for a bounce from our Pivot at 96.245 in line with 200% Fibonacci Projection and 50% Fibonacci retracement towards our 1st resistance at 96.692 in line with 61.8% Fibonacci extension. Prices have passed through our Ichimoku cloud resistance and also RSI is on bullish momentum, further supporting our bullish bias.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 96.084 in line with 161.8% Fibonacci Projection.
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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.