Preference:
Price is abiding to the descending channel, signifying bearish momentum. We can assume that price would push further down from the pivot level in line with 61.8% Fibonacci retracement towards 1st Support in line with 61.8% Fibonacci projection.
Alternative Scenario:
Alternatively, price could bounce up from pivot level towards 1st Resistance in line with 61.8% Fibonacci projection and 38.2% Fibonacci retracement
Did you know that SuperTrader Markets has a VIP room where you can learn to trade from a team of award-winning analysts?
Check out our exclusive Live Trading Room where you can ask questions directly to a team of CFA, CMT, CFTe accredited analysts.
This website is published by SuperTrader Investment International Limited.
Investing Over the Counter (OTC) foreign exchange and derivative products carry a high level of risk and is not suitable for all investors. You do not own, or have any rights to, the underlying assets which the OTC derivative is referring to. Before you decide whether or not to invest these products, we encourage you to consider your investment objectives, your risk tolerance, and trading experience. You could lose substantially more than your initial investment so do not invest money you cannot afford to lose. We recommend that your seek independent advice before opening an account with us. The general advice provided by us do not consider your financial objectives or personal circumstances. The content of this website should not be interpreted as personal advice;
Please seek advice from independent financial or tax advisor if you have any questions. If there are any suggestions on this site, they are only general suggestions.
Customers registered on this website will open under SuperTrader Investment International Limited, which is incorporated in Vanuatu with a financial license number 41698 and is regulated by the Vanuatu Financial Services Commission (VFSC).
The SuperTrader Group of companies is authorized and regulated in various jurisdictions. SuperTrader Investment International Limited trading as SuperTrader Markets, is authorised and regulated by the Vanuatu Financial Services Commission (VFSC), number 41698 and is Registered address: 1st Floor, B&P House, Kumul Highway, Port Vila, Vanuatu.
Super Forex Financial Pty Ltd holds an Australian Financial Services Licence issued by the Australian Securities and Investments Commission (ASIC), AFSL no. 443886 and is located at level 23, 100 Barangaroo Avenue, Sydney, New South Wales, 2000, Australia. Super Forex Financial is not a product issuer of over-the-counter (OTC)
derivatives and as such, it will not make a market in such products, nor transact with clients as principal. It is auhorised to perform to financial services, limited to the authorisations set out in its licence, and only for Australian residents.
