Type:
Bearish Reversal
Key Levels:
Resistance: 115.678
Pivot: 115.52
Support: 115.019
Preference:
Prices are on bearish momentum and abiding to our descending trendline. We see the potential for a dip from our Pivot at 115.52 in line with 38.2% Fibonacci retracement towards our 1st support at 115.019 in line with 78.6% Fibonacci extension, 38.2% Fibonacci retracement and 127.2% Fibonacci extension. Our bearish bias is further supported by Ichimoku clouds baseline crossing over conversion line.
Alternative Scenario:
Alternatively, prices can climb towards our 1st resistance at 115.678 in line with 50% 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.