Type:
Bearish Momentum
Key Levels:
Resistance:
1484.50
Pivot:
1409.75
Support:
1431.50
Preferred Case:
On the H4 chart, we have a bearish bias. To add confluence to this, price is crossing under the Ichimoku cloud which indicates a bearish market. If this bearish momentum continues, expect price to possibly continue heading towards the Pivot at 1409.75, where the 38.2% Fibonacci line is.
Alternative Scenario:
Price may go back up to retest the support at 1431.50, where the 50% Fibonacci line is.
Fundamentals:
There are no major news.
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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.