Type:
Bullish Bounce
Key Levels:
Resistance: 0.68982
Pivot: 0.67964
Support: 0.67652
Preferred Case:
Prices are on bullish momentum and consolidating in a parallel channel. We see the potential for further bullish continuation from our Pivot at 0.67964 in line with 50% Fibonacci Retracement towards our 1st resistance at 0.68982 in line with 127.2% Fibonacci extension. RSI are at levels where bounces previously occurred. and prices are trading above our Ichimoku clouds support, further supporting our bullish bias.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 0.67652 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.