Type:
Bearish Continuation
Key Levels:
Resistance: 1704'6
Pivot: 1687'6
Support: 1659'2
Preferred Case:
With price moving below the ichimoku cloud, we see a potential bearish continuation from our pivot level of 1687'6 which is in line with 38.2% Fibonacci retracement and horizontal pullback resistance towards our 1st support level of 1659'2 which is in line with the horizontal swing low support.
Alternative Scenario:
Alternatively, price may break our pivot structure and head for 1st resistance level of 1704'6 in line with 61.8% Fibonacci retracement and horizontal pullback resistance.
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.