Type : Bearish Drop Key Levels:Resistance : 16.570 Pivot: 16.310 Support : 16.035 Preferred Case: On the H1, price is moving below the ichimoku cloud and within the descending channel which gives us a bearish bias that prices will drop to the pivot at 16.310 where the 78.6% fibonacci retracement , 61.8% fibonacci projection and swing low support are. Once there is downside confirmation that price has dropped to pivot , we would expect bearish momentum to carry prices to 1st support at 16.035 where the swing low support, 78.6% fibonacci projection and 61.8% fibonacci projection are. Alternative scenario: Alternatively, price may rise to the 1st resistance level at 16.570 in line with the pullback resistance. Fundamentals: Since both countries, Russia and Ukraine, are major exporter of agriculture goods and their persistent war will lead to a shortage of agricultural goods and give us a bullish bias for rice.
Source: Tickmill
