Resistance: 236. 40
On the H4, with price moving above the ichimoku cloud and the MACD histogram is above zero, we have a bullish bias that price will rise from our pivot at 220.00 where the pullback resistance and 61.8% fibonacci retracement are. Once there is upside confirmation of price breaking pivot structure, we would expect bullish momentum to carry price to 1st resistance at 236. 40 where the swing high resistance is.
Alternatively, price could drop to 1st support at 207.60 where the swing low support is.
No key news
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Written by Desmond Leong
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.
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