Type:
Bearish Continuation
Key Levels:
Resistance:
2454
Pivot:
2597
Support:
2355
Preferred Case:
On the H4 chart, we have a bearish bias. To add confluence to this, price is under the Ichimoku cloud which indicates a bearish market. If this bearish momentum continues, expect price to head towards the support at 2355, where the previous swing low is located.
Alternative Scenario:
Price may go back up and retest the resistance at 2454 where the 78.6% Fibonacci line is located.
Fundamentals:
There are 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.