Type:
Bullish Bounce
Key Levels:
Resistance: 0.7235
Pivot: 0.72501
Support: 0.7235
Preferred Case:
Prices are on bullish momentum and consolidating in triangle pattern. We see the potential for a bounce from our ascending trendline support and Pivot at 0.72501 in line with 78.6% Fibonacci retracement towards our 1st resistance at 0.72905 in line with 61.8% Fibonacci retracement. RSI is on bullish momentum and Ichimoku is supporting our bullish bias.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 0.7235 in line with 61.8% 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.