Title
US30USD H4 | Bearish reaction off pivot?
Type
Bearish Reversal
Preference:
Price has broken through an overlap support previously, becoming an overlap resistance, and could possibly retest it now. Our pivot point is at 33454.9, which is the overlap resistance level. If price rejects this overlap resistance level and closes below, then price could possibly fall to the 1st support at 33129.8, which is an overlap support level, aligning with the 78.6% fibo retracement.
Alternative scenario:
If price breaks above the pivot point, then price could rise towards the 1st resistance at 33773.6, which is a swing high resistance 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.