Type:
Bearish Reversal
Key Levels:
Resistance: 1.85595
Pivot: 1.8496
Support: 1.83994
Preferred Case:
Price broke out of the ascending trendline support, signifying a bearish momentum. We can expect price to drop from the pivot level in line with 23.6% Fibonacci retracement, 61.8% Fiboancci projection and graphical overlap towards 1st Support in line with previous swing low. Our bearish bias is further supported by the price holding below the Ichimoku cloud.
Alternative Scenario:
Alternatively, price could push higher to 1st Resistance in line with 100% Fibonacci projection.
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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.