Type:
Bullish Bounce
Key levels:
Resistance: 1.32983
Pivot: 1.31903
Support: 1.31563
Preferred Case:
Prices are abiding by our ascending trendline support. We see the potential for a bounce from our Pivot at 1.31903 in line with 38.2% Fibonacci retracement towards our 1st resistance at 1.32983 in line with 78.6% Fibonacci projection. Prices are trading above our Ichimoku cloud support, supporting our bullish bias.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 1.31563 in line with 50% 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.