Title
DXY H4 | Fibo confluence
Type
Bearish Reversal
Preference:
Price is approaching our pivot at 102.7001, which has 3 fibo confluences: a 78.6% Fibonacci retracement, a 127.20% Fibonacci extension, and a 61.8% Fibonacci projection, as well as a descending trendline. If the price were to break above the pivot point, it could potentially push up to the 1st resistance level at 102.9997
Alternative scenario:
However, if price were to reverse, it could drop down to 1st support 101.9822
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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.