Type:
Bullish Bounce
Key Levels:
Resistance: 1.3642
Pivot: 1.3563
Support: 1.35462
Preferred Case:
Prices are on bullish momentum and abiding to our ascending trendline support. We see the potential for a bullish bounce from our Pivot at 1.3563 in line with 50% Fibonacci retracement towards our 1st resistance at 1.3642 in line with 100% Fibonacci retracement and 61.8% Fibonacci extension. Ichimoku is supporting our bias by portraying bullish momentum.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 1.35462 in line with 61.8% Fibonacci retracement.
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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.