USDCAD, H4 has reversed from our Pivot, potential for a drop.
Description:
Price has reversed from our Pivot point at 1.21638, which is in line with 38.2% fibonacci retracement and 61.8% fibonacci extension. We could potentially see a price drop here towards our 1st support level at 1.20789, in line with 78.6% fibonacci retracement and horizontal swing low. It is worth noting that the price is under the moving average, in line with our bearish analysis.
Pivot: 1.21638
Why we like it:
38.2% fibonacci retracement and 61.8% fibonacci extension
1st Support: 1.20789
Why we like it:
78.6% fibonacci retracement and horizontal swing low.
1st Resistance: 1.22351
Why we like it:
61.8% fibonacci retracement and 127% fibonacci extension
Trading FX & CFDs carries high risk.
Price has reversed from our Pivot point at 1.21638, which is in line with 38.2% fibonacci retracement and 61.8% fibonacci extension. We could potentially see a price drop here towards our 1st support level at 1.20789, in line with 78.6% fibonacci retracement and horizontal swing low. It is worth noting that the price is under the moving average, in line with our bearish analysis.
Pivot: 1.21638
Why we like it:
38.2% fibonacci retracement and 61.8% fibonacci extension
1st Support: 1.20789
Why we like it:
78.6% fibonacci retracement and horizontal swing low.
1st Resistance: 1.22351
Why we like it:
61.8% fibonacci retracement and 127% fibonacci extension
Trading FX & CFDs carries high risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.