Price is moving within the ascending channel. In the short term, we are expecting price to move up towards the channel resistance as price is seen to hold above the 50period MA signifying a bullish momentum. Price is expected to rally up towards the 1st Resistance in line with 127.2% Fibonacci extension. Our short term bullish bias is further supported by the RSI indicator abiding the ascending trendline.Alternatively, price could push down to the 1st support in line with the channel support and 76.4% Fibonacci retracement level.
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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.