Type:
Bullish Bounce
Key Levels:
Resistance: 115.114
Pivot: 114.954
Support:114.472
Preferred Case:
Prices are on bullish momentum and abiding to our ascending trendline. We expect a bounce from our Pivot at 114.954 in line with 161.8% Fibonacci extension towards our 1st resistance at 115.44 in line with 100%, 200% Fibonacci extension and 100% Fibonacci retracement. Ichimoku is showing bullish momentum.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 114.472 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.