Type:
Bullish Bounce
Key Levels:
Resistance: 34376
Pivot: 33546
Support: 32913
Preferred Case:
On the H4 chart, there is a possibility that price may test our pivot at 33546 in line with horizontal overlap support and 50% Fibonacci retracement. Price can potentially rise to the 1st resistance level of 34376 in line with the horizontal overlap resistance and 78.6% Fibonacci retracement. Our bullish bias is supported by how price is moving above the Ichimoku cloud.
Alternative Scenario:
Alternatively, price may break pivot and head for 1st support at 32913 in line with the 61.8% 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.