Type:
Bearish Drop
Key Levels:
Resistance: 0.0074305
Pivot: 0.0073135
Support: 0.0072360
Preferred Case:
On the H4, with the price moving below the ichimoku cloud and within the ascending channel , we have a bearish bias that the price may drop from the pivot at 0.0073135 where the overlap support, 78.6% fibonacci retracement and 100% fibonacci projection are to the 1st support at 0.0072360 where the swing low support is.
Alternative Scenario:
Alternatively, price could break pivot structure and rise to the 1st resistance at 0.0074305, where the 38.2% fibonacci retracement is.
Fundamentals:
Monthly trade balance was out on Wednesday, the actual data was -2.13 T, which is lower than the expected and pervious.
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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.