Type:
Bullish Pressure
Key Levels:
Resistance: 4.7730
Pivot: 4.7000
Support: 4.6415
Preferred Case:
Price is near pivot level of 4.7000 in line with 50% Fibonacci retracement. Price can potentially rise up to the 1st resistance level at 4.7730, in line with 78.6% Fibonacci retracement and 78.6% Fibonacci projection. Our bullish bias is further supported by the stochastic indicator where it is at resistance level.
Alternative Scenario:
Price might also dip towards the 1st support level of 4.6415 in line with a graphical swing low support.
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.