Type: Bullish Breakout
Preference:
Price is reacting in a wedge pattern; we can expect price to make a small bounce up to the descending trendline resistance. Price is expected to bounce from the pivot level in line with 61.8% Fibonacci projection and 38.2% Fibonacci retracement towards the 1st resistance in line with 127.2% Fibonacci projection and 78.6% Fibonacci retracement.
Alternative scenario:
Alternatively, price might push down to 1st Support in line with 78.6% Fibonacci projection.
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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.