Type:
Bearish Drop
Key Levels:
Resistance: 30680
Pivot: 30045
Support: 39625
Preferred Case:
On the H4, the overall trend is still descending and respecting the ichimoku indicator hence we are bearish bias. The price may drop form the pivot at 30045, which is in line with the 141.4% fibonacci extension and 78.6% fibonacci projection to the 1st support at 09625. which is in line with the swing low.
Alternative Scenario:
Alternatively, the price could rise to the 1st resistance at 30680, which is in line with the 23.6% fibonacci retracement.
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.