Type:
Bullish Rise
Key Levels:
Resistance: 21735
Pivot: 20000
Support: 18330
Preferred Case:
On the H4, price has pulled back but we're looking for a reversal at 20000 where the 61.8% retracement and 78.6% projection sits. If price still respects the ichimoku as well as the bullish breakout, it should bring price to 21735 where the previous swing high sits
Alternative Scenario:
Alternatively, price could break pivot structure and drop to the 1st support at 18330 where the previous swing low sits
Fundamentals:
Short term drop due to August US CPI data reflecting higher data than forecasted causing USD to strengthen
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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.