USDCAD, H4 has reversed from our Pivot, potential for a drop.
Description:
Price has reversed from our Pivot point at 1.26262, which is in line with 61.8% Fibonacci retracement and 61.8% fibonacci extension. We could potentially see price drop towards our 1st support level at 1.25318, a fibonacci confluence. It is worth noting that price is trending under the descending trendline, in line with our bearish analysis.
Pivot: 1.26262
Why we like it:
61.8% Fibonacci retracement and 61.8% fibonacci extension
1st Support: 1.25318
Why we like it:
78.6%, -27%, -68% Fibonacci retracement and 161.8% fibonacci extension
1st Resistance: 1.27133
Why we like it:
78.6%, 78.6%, 127% Fibonacci retracement, descending trendline resistance and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
Price has reversed from our Pivot point at 1.26262, which is in line with 61.8% Fibonacci retracement and 61.8% fibonacci extension. We could potentially see price drop towards our 1st support level at 1.25318, a fibonacci confluence. It is worth noting that price is trending under the descending trendline, in line with our bearish analysis.
Pivot: 1.26262
Why we like it:
61.8% Fibonacci retracement and 61.8% fibonacci extension
1st Support: 1.25318
Why we like it:
78.6%, -27%, -68% Fibonacci retracement and 161.8% fibonacci extension
1st Resistance: 1.27133
Why we like it:
78.6%, 78.6%, 127% Fibonacci retracement, descending trendline resistance and horizontal swing high 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.