Type:
Bullish Bounce
Key Levels:
Resistance: 85.779
Pivot: 94.934
Support: 84.559
Preferred Case:
Prices are on bullish momentum and abiding to our ascending trendline. We see the potential for a bounce from our Pivot at 94.934 in line with 61.8% Fibonacci extension and 127.2% Fibonacci extension towards our 1st resistance at 85.779 in line with 161.8% Fibonacci Projection.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 84.559 in line with 100% Fibonacci extension.
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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.