Type:
Bullish Rise
Key Levels:
Resistance: 25375
Pivot: 22500
Support: 18880
Preferred Case:
On the H4, with prices moving above the ichimoku cloud , we have a bullish bias that price will rise to the pivot at 22500 in line with the swing high resistance and 100% fibonacci projection . Once there is upside confirmation of price breaking pivot structure, we would expect bullish momentum to carry price to 1st resistance at 25375 where the pullback resistance, 50% fibonacci retracement and 161.8% fibonacci extension are.
Alternative Scenario:
Alternatively, price may drop to the 1st support level at 18880 in line with the 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.