Preferred Case:

Price has broken the daily ascending trendline support turn resistance, and price is seen to be holding below it showing a bearish momentum. Price is expected to retest the trendline at sell entry level in line with 23.6% Fibonacci retracement and horizontal support turn resistance. Our bearish bias is further supported by the price holding below the Icihmoku cloud, %K line abiding the descending trendline resistance on the Stochastic indicator and price holding below the 50period MA.

Alternative Case:

Alternatively, Price Might Bounce Upwards Towards The 1st Resistance In Line With 50% Fibonacci Retracement And 61.8% Fibonacci Extension.

Improve Your Trading

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.