Type:
Bearish Continuation
Key Levels:
Resistance: 127.265
Pivot: 118.174
Support: 105.976
Preferred Case:
With price expected to reverse off the stochastics indicator, we have a bearish bias that price will drop to our 1st support at 105.976 in line with the 61.8% fibonacci retracement and horizontal swing low support from our pivot at 118.174 in line with the horizontal overlap resistance and 127.2% Fibonacci extension.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st resistance at 127.265 in line with the horizontal swing high resistance.
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.