Type:
Bullish Rise
Key Levels:
Resistance: 10.24
Pivot: 7.48
Support: 6.22
Preferred Case:
On the H4, with price moving within the ascending trend channel and above the ichimoku cloud, we have a bullish bias that price will rise from our pivot at 7.48 at the overlap support in line with the 78.6% fibonacci projection to the 1st resistance at 10.24 in line with our 50% fibonacci retracement at the swing high.
Alternative Scenario:
Alternatively, price may break support structure at our pivot and drop to the 1st support at 6.22 in line with the 100% fibonacci projection.
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.