Type:
Bullish Continuation
Key Levels:
Resistance: 1747'2
Pivot: 1656'0
Support: 1625'6
Preferred Case:
On the H4 chart, price is near our pivot of 1656'0 in line with horizontal overlap support and 38.2% Fibonacci retracement . Price can potentially rise to our 1st resistance level at 1747'2 in line with the horizontal swing high resistance and 78.6% Fibonacci retracement . Our bullish bias is supported by how price is moving above the Ichimoku cloud .
Alternative Scenario:
Alternatively, price may head to our 1st support at 1625'6 in line with the 61.8% Fibonacci retracement level.
Fundamentals:
No major news event.
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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.