Type:
Bearish Drop
Key Levels:
Resistance: 0.69610
Pivot: 0.68560
Support: 0.67920
Preferred Case:
On the H4, with the price moving below the ichimoku cloud , we have a bearish bias that the price may drop from the pivot at 0.68560, which is in line with the swing low and 61.8% fibonacci retracement to the 1st support at 0.67920, where the 78.6% fibonacci retracement , 78.6% projection and previous swing high are.
Alternative Scenario:
Alternatively, price could rise to the 1st resistance at 0.69610, where the overlap resistance and 38.2% fibonacci retracement are.
Fundamentals:
Construction Work Done q/q, showing -3.8%, dropped significantly from last period and forecasted, which has negative impact on overall employment and spending.
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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.