Type:
Bullish Continuation
Key Levels:
Resistance: 1755'2
Pivot: 1632'4
Support: 1578'2
Preferred Case:
On the H4 , price is near pivot level of 1632'4 in line with 61.8% Fibonacci retracement and 161.8% Fibonacci projection. Price can potentially go to the swing high support of 1755'2 in line with 78.6% Fibonacci projection. Our bullish bias is supported by the Ichimoku cloud indicator
Alternative Scenario:
Alternatively, price may dip to the 1st support level of 157982 in line with 78.6% Fibonacci retracement.
Fundamentals:
No major news event
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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.