Type:
Bullish Bounce
Key Levels:
Resistance: 0.66969
Pivot: 0.66591
Support: 0.6631
Preferred Case:
Prices are on bullish momentum and abiding to a daily ascending trendline. We see the potential for a bounce from our pivot at 0.66591 in line with 78.6% Fibonacci retracement and ascending trendline towards our intermediate resistance at 0.66969 in line with 38.2% Fibonacci retracement. Prices are trading above our Ichimoku clouds, further supporting our bullish bias.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 0.6631 in line with 100% 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.