Type:
Bullish Bounce
Key Levels:
Resistance: 95.76
Pivot: 95.205
Support: 95.033
Preferred Case:
Prices are on bullish momentum and abiding to our ascending trendline. We see the potential for a bounce from our Pivot at 95.205 in line with 61.8% Fibonacci extension and 78.6% Fibonacci retracement towards our 1st resistance at 95.76 in line with 127.2% Fibonacci extension and 23.6% Fibonacci retracement. RSI is at levels where bounces previously occurred.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 95.033 in line with 78.6% 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.