Type:
Bearish Reversal
Key Levels:
Resistance: 99.049
Pivot: 98.663
Support: 97.782
Preferred Case:
Prices are consolidating in a potential double top. We see the potential for a dip from our Pivot at 98.663 in line with 61.8%% Fibonacci retracement towards our area of 1st support at 97.782 in line with 78.6 Fibonacci Projection and graphical overlap. Our bearish bias is further supported by crossover by MacD.
Alternative Scenario:
Alternatively, prices may climb higher towards our 1st resistance at 99.049 in line with 78.6% 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.