Type:
Bullish Continuation
Key Levels:
Resistance: 1739'0
Pivot: 1651'2
Support: 1582'6
Preferred Case:
On the H4 chart, price is near our pivot of 1651'2 in line with horizontal overlap support and 38.2% Fibonacci retracement . Price can potentially rise to our 1st resistance level at 1739'0 in line with the horizontal swing high resistance. Our bullish bias is supported by how price is moving above the Ichimoku cloud .
Alternative Scenario:
Alternatively, price may head to our 1st support at 1582'6 in line with the 61.8% Fibonacci retracement level.
Fundamentals:
No major news event.
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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.