Type:
Bullish Bounce
Key Levels:
Resistance: 125.395
Pivot: 124.249
Support: 124.046
Preferred Case:
Prices are on bullish momentum and abiding to our ascending trendline support. We see the potential for a bounce form our Pivot at 124.249 in line with 78.6% Fibonacci retracement towards our 1st resistance at 125.395 in line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension. prices are trading above our Ichimoku cloud support, further supporting our bullish bias.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 124.046 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.