Title
USOUSD H1 | Downtrend set to extend
Type
Bearish reversal
Preference:
The price is rising towards the pivot at 62.11, which is an overlap resistance that aligns with the 50% Fibonacci retracement. A reversal from this level could lead the price toward the 1st support at 60.58, a swing low support.
Alternative Scenario:
If the price breaks above the pivot, it could rise to the 1st resistance at 63.17, which is a pullback resistance.
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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.