Type:
Bearish Reversal
Key Levels:
Resistance: 115.126
Pivot: 114.879
Support: 114.323
Preferred Case:
Prices are on bearish momentum and abiding by a descending trendline. We see the potential for bearish continuation from our Pivot at 114.879 in line with 23.6% Fibonacci retracement towards our 1st support at 114.323 in line with 100% Fibonacci retracement, 127.2% Fibonacci extension and 100% Fibonacci retracement. Ichimoku is supporting our bearish bias with prices trading below its clouds.
Alternative Scenario:
Alternatively, prices may climb towards our 1st resistance at 115.126 which is an area of Fibonacci confluences.
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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.