Type:
Bullish Rise
Key Levels:
Resistance: 1105'2
Pivot: 1081'4
Support: 1065
Preferred Case:
With price moving above the Ichimoku cloud and and the recent break of the descending trendline which signifies bullish momentum, we have a bullish bias that price will rise to our 1st resistance in line with the 1105'2 in line with the 61.8% Fibonacci retracement and swing high resistance from our pivot of 1081'4 in line with the 61.8% Fibonacci retracement and the horizontal overlap support.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 1065 in line with the 50% Fibonacci retracement and the horizontal pullback support.
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.