Price is reversing from our pivot point, in line with 61.8% Fibonacci retracement, 127.2% Fibonacci extension and horizontal graphical overlap. We may see price drop from here towards our 1st support in line with 61.8% Fibonacci extension and horizontal swing low. Note that price is under our moving average in line with our bearish analysis. If prices fails to hold below our pivot, we may see a push up towards the 1st resistance, in line with 200% Fibonacci extension and previous swing high 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.