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Type:
Bearish Drop
Key Levels:
Resistance: 13399.43
Pivot: 12437.6
Support: 12123.93
Preferred Case:
On the H4, with the price reflecting off the 61.8% Fibonacci retracement line and the price being below ichimoku cloud, we have a bearish bias that the price may break through the pivot line and tap onto the 1st support line which is at the 78.6% Fibonacci extension line
Alternative Scenario:
Alternatively, price could back to 1297.78 where the 61.8% fibonacci retracement is.
Fundamentals:
A series of central bank meetings this week, including the Federal Reserve, which are expected to result in further monetary tightening.
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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.