Type:
Bullish Rise
Key Levels:
Resistance: 13561.0
Pivot: 12892.5
Support: 12522.25
Preferred Case:
On the H4, with price moving above the ichimoku cloud , we have a bullish bias that price will rise from our pivot at 12892.5 in line with the overlap support to the overlap resistance at 13561.0 within the area of the 78.6% fibonacci projection and 50% fibonacci retracement.
Alternative Scenario:
Alternatively, price may reverse off the pivot and head for the 1st support at 12522.25 in line with the overlap horizontal support
Fundamentals:
US employment and wages continue to rise, contributing to ongoing inflation rates, thus we have a weak to bullish view
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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.