Nikkei testing and reacting above key Fibonacci retracement level and recent graphical swing low. A short term intraday bounce above our pivot towards recent graphical swing high resistance, 61.8% Fibonacci retracement and our 1st resistance could be possible. MACD indicator also now crossing above 0, showing a build up in bullish momentum.
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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.