Type:
Bearish Drop
Key Levels:
Resistance: 1728'4
Pivot: 1691'6
Support: 1637'4
Preferred Case:
With price expected to reverse off the Ichimoku cloud resistance , we have a bearish bias that price will drop to our 1st support at 1637'4 in line with the horizontal swing low support and 61.8% Fibonacci projection from our pivot at 1691'6 in line with the 50% Fibonacci retracement.
Alternative Scenario:
Alternatively, price may break our pivot structure and head for 1st resistance at 1728'4 in line with the horizontal swing high resistance and 127% Fibonacci extension
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.