Type:
Bearish Drop
Key Levels:
Resistance: 861.7
Pivot: 827.6
Support: 806.2
Preferred Case:
On the H4, with price below the descending trendline and moving below the ichimoku indicator, ,we have a bearish bias that price will drop from pivot at 827.6 where the current price is to the 1st support at 806.2, where the swing low is.
Alternative Scenario:
Alternatively, price could rise to 1st resistance at 861.7, which is in line with pullback resistance and 23.6% fibonacci projection.
Fundamentals:
No key news
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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.