#USDCAD, H4 is approaching our Pivot, potential for a bounce.
Description:
Price is approaching our Pivot point at 1.23336, which is in line with 23.6% fibonacci retracement and horizontal graphical overlap. We could potentially see price rise from here towards our 1st resistance level at 1.24189, in line with 61.8% fibonacci retracement and 127% fibonacci extension. Do note that MACD is above the 0-line, in line with our bullish analysis.
Pivot: 1.23336
Why we like it:
23.6% fibonacci retracement and horizontal graphical overlap
1st Support: 1.22724
Why we like it:
50%, 78.6% fibonacci retracement and horizontal graphical area
1st Resistance: 1.24189
Why we like it:
61.8% fibonacci retracement and 127% fibonacci extension
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point at 1.23336, which is in line with 23.6% fibonacci retracement and horizontal graphical overlap. We could potentially see price rise from here towards our 1st resistance level at 1.24189, in line with 61.8% fibonacci retracement and 127% fibonacci extension. Do note that MACD is above the 0-line, in line with our bullish analysis.
Pivot: 1.23336
Why we like it:
23.6% fibonacci retracement and horizontal graphical overlap
1st Support: 1.22724
Why we like it:
50%, 78.6% fibonacci retracement and horizontal graphical area
1st Resistance: 1.24189
Why we like it:
61.8% fibonacci retracement and 127% fibonacci extension
Trading FX & CFDs carries high risk.
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