Type:
Bearish Reversal
Key Levels:
Resistance: 0.70143
Pivot: 0.69744
Support: 0.69249
Preferred Case:
Prices have recently consolidated in a potential double top pattern. We see the potential for a dip from our Pivot at 0.69744 which is an area of Fibonacci confluences towards our 1st support at 0.69249 in line with 50% Fibonacci retracement. Divergence is spotted on RSI.
Alternative Scenario:
Alternatively, prices may climb higher towards our 1st resistance at 0.70143 in line with 78.6% 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.