Type:
Bullish Bounce
Key Levels:
Resistance: 0.68677
Pivot: 0.68192
Support: 0.67883
Preferred Case:
Prices are abiding to our bullish trendline and is is on bullish momentum. We see the potential for a bounce from our Pivot at 0.68192 in line with 61.8% Fibonacci retracement towards our 1st resistance at 0.68677 which is an area of Fibonacci confluences. Ichimoku clouds are forecasting strong bullish momentum.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 0.67883 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.