Price is approaching pivot, in line with 78.6% fibonacci retracement and 100% fibonacci extension. We may see a further rise from here towards 1st resistance, in line with 127%, -27% fibonacci retracement, and 161.8% fibonacci extension level. If price fails to hold above the pivot, we may see a swing down towards 1st support in line with 61.8% fibonacci retracement.
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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.