Type:
Bearish Reversal
Key Levels:
Resistance: 136.953
Pivot: 135.917
Support: 133.034
Preferred Case:
Prices are at a pivot. We see the potential for dip from our Pivot at 135.917 which is an area of Fibonacci confluences towards our 1st support at 133.034 which is in line with 38.2% Fibonacci retracement. Ichimoku is forecasting bearish dip.
Alternative Scenario:
Alternatively, prices may climb higher towards our 1st resistance at 136.953 which is a swing high.
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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.