Type:
Bearish Reversal
Key Levels:
Resistance:1.57477
Pivot: 1.57094
Support: 1.56246
Preferred Case:
Prices are on bearish momentum and abiding to our bearish trendline. We see the potential for a dip from our Pivot at 1.57094 in line with 61.8% Fibonacci extension towards our 1st support at 1.56246 in line with 61.8% Fibonacci retracement. Our bearish bias is further supported by Ichmoku clouds showing bearish momentum and also RSI at levels where dips previously occurred.
Alternative Scenario:
Alternatively, prices may climb towards our 1st resistance at 1.57477 in line with 78.6% Fibonacci extension.
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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.