USDCAD, H4 is approaching our Pivot, potential for a drop.
Description:
Price is approaching our Pivot point at 1.23038, which is in line with 61.8% and 23.6% fibonacci retracement. We could potentially see price drop here towards our 1st support level at 1.22562, in line with -27% fibonacci retracement and 78.6% fibonacci extension. It is worth noting that price is under the moving average, in line with our bearish analysis.
Pivot: 1.23038
Why we like it:
61.8% and 23.6% fibonacci retracement
1st Support: 1.22562
Why we like it:
-27% fibonacci retracement and 78.6% fibonacci extension
1st Resistance: 1.23430
Why we like it:
50%, 127% fibonacci retracement and moving average resistance.
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point at 1.23038, which is in line with 61.8% and 23.6% fibonacci retracement. We could potentially see price drop here towards our 1st support level at 1.22562, in line with -27% fibonacci retracement and 78.6% fibonacci extension. It is worth noting that price is under the moving average, in line with our bearish analysis.
Pivot: 1.23038
Why we like it:
61.8% and 23.6% fibonacci retracement
1st Support: 1.22562
Why we like it:
-27% fibonacci retracement and 78.6% fibonacci extension
1st Resistance: 1.23430
Why we like it:
50%, 127% fibonacci retracement and moving average resistance.
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.