Type:
Bullish Bounce
Key Levels:
Resistance: 115.868
Pivot: 115.422
Support: 115.236
Preferred Case:
Prices are on bullish momentum and abiding to our ascending trendline support. We see the potential for a bounce from our Pivot at 115.422 in line with 50% Fibonacci retracement and 38.2% Fibonacci retracement towards our 1st resistance at 115.868 in line with 61.8% Fibonacci retracement. Our Ichimoku clouds are forecasting the bullish momentum.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 115.236 in line with 78.6% Fibonacci retracement.
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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.