Title
US30USD H4 | Bullish bounce off pullback support
Type
Bullish Bounce
Preference:
Price is approaching our pivot point at 34254.15, which is a pull back support, we can expect a bullish bounce off the pivot point to the 1st resistance at 34563.3.
Alternative scenario:
If price breaks below the pivot point, there is a possibility for it to fall to the 1st support at 33990.8, which aligns with the 61.8% retracement and 78.6% projection.
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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.