Type:
Bullish Bounce
Key Levels:
Resistance: 116.327
Pivot: 115.624
Support: 115.332
Preferred Case:
Prices are on bullish momentum and abiding to our bullish channel. We see potential for a buy from our Pivot at 115.624 in line with 50% Fibonacci retracement and 23.6% Fibonacci retracement towards our 1st resistance at 116.327 in line with 127.2% Fibonacci extension. Ichimoku clouds are showing bullish momentum.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 115.332 in line with 78.6% 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.