Title
BCOUSD potential rally - but watch out for the intermediate resistance!
Type
Bullish Rally
Preference
We’re seeing a long-term ascending support line and a descending resistance line squeeze prices together. There is a pivot support at 83.9 which is pushing prices up against the descending resistance line.
If prices were to break that descending resistance line, we could see a bigger push up to 86.77 which is our 1st swing high resistance.
However, if prices were to react off the descending resistance and make a push down, the 1st support is at 82.64 which is a recent swing low support.
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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.