Type:
Bearish Reversal
Key Levels:
Resistance: 1.04074
Pivot: 1.03829
Support: 1.03317
Preferred Case:
Price is abiding to the descending trendline resistance, signifying an overall bearish momentum. We can expect price to drop from pivot level in line with 100% Fibonacci projection and 50% Fibonacci retracement towards 1st Support in line with previous swing low. Our bearish bias is further supported by the Ichimoku cloud indicator where the price is holding below it.
Alternative Scenario:
Alternatively, price could breakout of the descending trendline resistance and push towards 1st Resistance 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.