Type:
Bullish Bounce
Key Levels:
Resistance: 78.859
Pivot: 78.079
Support: 77.561
Preferred Case:
On the H4 chart, with the possibility of price retesting our pivot of 78.079 in line with horizontal overlap support and 23.6% Fibonacci retracement. Price can potentially rise to the 1st resistance level of 78.859 in line with the 161.8% Fibonacci extension level. Our bullish bias is supported by how price is moving within the ascending channel and above the Ichimoku cloud.
Alternative Scenario:
Alternatively, price may break pivot and head for 1st support at 77.561 in line with the horizontal swing low support and 50% 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.