Type:
Bullish Rise
Key Levels:
Resistance: 131'06'0
Pivot: 130'00'0
Support: 128'12'0
Preferred Case:
On the H4, with prices moving above the ichimoku indicator, we have a bullish bias that price will rise to the pivot at 130'00'0 where the pullback resistance is. Once there is upside confirmation that price has broken the pivot , we would expect bullish momentum to carry prices to 1st resistance at 131'06'0 where the swing high resistance, 61.8% fibonacci projection and 127.2% fibonacci extension .
Alternative Scenario:
Alternatively, price could drop to the 1st support at 128'12'0 where the pullback support, 50% fibonacci retracement and 100% fibonacci projection are.
Fundamentals:
No Major News
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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.