Type:
Bearish Reversal
Key Levels:
Resistance: 99.709
Pivot: 99.383
Support: 98.935
Preferred Case:
Prices are abiding by our ascending trendline support. We see the potential for a dip from our Pivot at 99.383 in line with 78.6% Fibonacci Projection and 161.8% Fibonacci Projection towards our 1st support at 98.935 in line with 38.2% Fibonacci retracement and 23.6% Fibonacci retracement.
Alternative Scenario:
Alternatively, prices may climb higher towards our 1st resistance at 99.709 which is an area of Fibonacci confluences.
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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.