USDCAD, H4 is approaching our Pivot, potential for a drop.
Description:
Price is approaching our Pivot point at 1.25698, which is in line with 78.6% fibonacci retracement, 61.8%, 161.8% fibonacci extension, descending trendline resistance and horizontal swing high. We could potentially see price drop here towards our 1st support level at 1.25258, 88% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low support. It is worth noting that price is under the moving average, in line with our bearish analysis.
Pivot: 1.25698
Why we like it:
78.6% fibonacci retracement, 61.8%, 161.8% fibonacci extension, descending trendline resistance and horizontal swing high
1st Support: 1.25258
Why we like it:
88% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low support
1st Resistance: 1.26642
Why we like it:
100% Fibonacci extension, 127% fibonacci retracement and horizontal graphical swing high.
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point at 1.25698, which is in line with 78.6% fibonacci retracement, 61.8%, 161.8% fibonacci extension, descending trendline resistance and horizontal swing high. We could potentially see price drop here towards our 1st support level at 1.25258, 88% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low support. It is worth noting that price is under the moving average, in line with our bearish analysis.
Pivot: 1.25698
Why we like it:
78.6% fibonacci retracement, 61.8%, 161.8% fibonacci extension, descending trendline resistance and horizontal swing high
1st Support: 1.25258
Why we like it:
88% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low support
1st Resistance: 1.26642
Why we like it:
100% Fibonacci extension, 127% fibonacci retracement and horizontal graphical swing high.
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.