Type:
Bearish Momentum
Key Levels:
Resistance: 1085'2
Pivot: 1065'2
Support: 1027'0
Preferred Case:
On the H1, price is moving below the ichimoku cloud which supports bearish bias that price will drop from our pivot at 1065'2 in line with the overlap resistance and 23.6% fibonacci retracement to the 1st support at 1027'0 in line with the swing low support.
Alternative Scenario:
Alternatively, price may break through pivot structure and rise to the 1st resistance level at 1085'2 in line with the overlap resistance, 23.6% fibonnaci retracement, 38.2% fibonacci retracement and 100% fibonacci projection .
Fundamentals:
Since both countries, Russia and Ukraine, are major exporter of agriculture goods and their persistent war will lead to a shortage of agricultural goods and give us a bullish bias for wheat .
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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.