Type:
Bullish Rise
Key Levels:
Resistance: 0.63185
Pivot: 0.62505
Support: 0.61850
Preferred Case:
On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise to the pivot at 0.62505 where the overlap resistance is. Once there is upside confirmation that price has broken the pivot , we would expect bullish momentum to carry prices to 1st resistance at 0.63185 where the swing high resistance, 78.6% fibonacci retracement , 61.8% fibonacci projection and 161.8% fibonacci extension are.
Alternative Scenario:
Alternatively, price could drop to the 1st support at 0.61850 where the overlap support and 78.6% fibonacci projection 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.