Type:
Bearish Reversal
Key Levels:
Resistance: 34386
Pivot: 34039
Support: 32273
Preferred Case:
On the H4 timeframe, We see the possibility of bearish continuation from our pivot at 34039 in line with horizontal overlap resistance and 61.8% Fibonacci retracement towards our 1st support at 32273 in line with the horizontal swing low support. Our bearish bias is further supported by how price is moving below the Ichimoku cloud.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st resistance at 34386 in line with the 78.6% Fibonacci retracement 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.