Type :
Bearish Drop
Key Levels:
Resistance : 1404'4
Pivot: 1379'7
Support : 1357'3
Preferred Case:
On the H4, with price moving below the ichimoku indicator and descending trendline, we have a bearish bias that price may drop to the pivot at 1379'7 where the swing low support is. Once there is downside confirmation that price has broken pivot structure, we would expect bearish momentum to carry price to the 1st support at 1357'3 where the swing previous significant swing low is.
Alternative scenario:
Alternatively, price could rise to 1st resistance at 1404'4 where the 23.6% fibonacci retracement and swing high are.
Fundamentals:
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.