Prices might have a short term bounce from horizontal pullback support in line with 100% Fibonacci extension, 78.6% Fibonacci retracement and 127.2% Fibonacci retracement. Prices might push up towards horizontal pullback resistance in line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension as well as descending trend line resistance. Stochastic is also approaching support, potential for bounce. If prices continue to push down, prices might take support on horizontal swing low support in line with 161.8% Fibonacci retracement.
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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.