Type:
Bullish Bounce
Key Levels:
Resistance: 115.667
Pivot: 115.163
Support: 114.945
Preferred Case:
With price moving above the Ichimoku cloud, we are biased that price will rise from our pivot of 115.163 in line with the 61.8% Fibonacci retracement level and horizontal overlap support to our 1st resistance at 115.667 in line with the 161.8% Fibonacci extension level and horizontal swing high resistance.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 114.945 in line with the horizontal swing low support.
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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.