Type:
Bearish Reversal
Key Levels:
Resistance: 97.735
Pivot: 97.432
Support: 96.448
Preferred Case:
Prices are approaching strong resistance at our pivot. We see the potential for a dip from our Pivot at 97.432 in line with 78.6% Fibonacci extension towards our 1st support at 96.448 in line with 61.8% Fibonacci retracement. RSI is at levels where dips previously occurred.
Alternative Scenario:
Alternatively, prices may climb towards our 1st resistance at 97.735 in line with 61.8% 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.