Type:
Bullish Bounce
Key Levels:
Resistance: 114.877
Pivot: 114.216
Support: 114.047
Preferred Case:
Prices are on bullish momentum and abiding to our ascending trendline. We see potential for a bounce from our Pivot at 114.216 in line with 100% Fibonacci retracement, 100% Fibonacci extension and 78.6% Fibonacci retracement towards our 1st resistance at 114.877 in line with 161.8% Fibonacci retracement and 161.8% Fibonacci Projection. Prices are trading above our Ichimoku Clouds, further signalling bullish momentum.
Alternative Scenario:
Alternatively, prices will dip towards our 1st support at 114.047 in line with 100% 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.