Type:
Bearish Reversal
Key Levels:
Resistance: 127.793
Pivot: 127.267
Support: 124.556
Preferred Case:
Prices are on bearish momentum. We see the potential for a dip from our Pivot at 127.267 in line with 61.8% Fibonacci retracement towards our 1st support at 124.556 in line with 61.8% Fibonacci Projection. Prices are trading below our ichimoku clouds, further supporting our bearish view.
Alternative Scenario:
Alternatively, if prices may climb further towards our 1st resistance at 127.793 in line with 38.2% 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.