Price is approaching Pivot point, in line with 61.8% Fibonacci retracement. Where we may see a drop towards the 1st support, in line with 127% fibonacci extension and horizontal swing low. Price is also trending in a bearish channel, in line with our bearish analysis. If price fails to hold below the Pivot, we may see a push up towards the 1st resistance, in line with 78.6% fibonacci retracement and horizontal graphical overlap.
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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.