Type:
Bullish Rise
Key Levels:
Resistance: 32496
Pivot: 31855
Support: 31475
Preferred Case:
On the H4, with prices moving above the ichimoku indicator and having broken the descending trendline, we have a bullish bias that price will rise from the pivot at 31855 where the pullback support is to the 1st resistance at 32496 where the pullback resistance, 78.6% fibonacci retracement , 100% fibonacci projection and 161.8% fibonacci extension are.
Alternative Scenario:
Alternatively, price could break pivot structure and drop to the 1st support at 31475 where the pullback support and 38.2% fibonacci retracement are.
Fundamentals:
No Major News
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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.