USDCAD, H4 is approaching our Pivot, potential for a drop.
Description:
Price is pulling back towards our Pivot point at 1.22309, which is in line with 38.2%, 61.8% fibonacci retracement and 100% fibonacci extension. We could potentially see a price drop here towards our 1st support level at 1.21422, in line with 161.8% fibonacci extension and horizontal swing low. It is worth noting that the price is under the moving average, in line with our bearish analysis.
Pivot: 1.22309
Why we like it:
38.2%, 61.8% fibonacci retracement and 100% fibonacci extension
1st Support: 1.21422
Why we like it:
161.8% fibonacci extension and horizontal swing low
1st Resistance: 1.22779
Why we like it:
61.8% fibonacci retracement, 161.8% fibonacci extension and moving average resistance.
Trading FX & CFDs carries high risk.
Price is pulling back towards our Pivot point at 1.22309, which is in line with 38.2%, 61.8% fibonacci retracement and 100% fibonacci extension. We could potentially see a price drop here towards our 1st support level at 1.21422, in line with 161.8% fibonacci extension and horizontal swing low. It is worth noting that the price is under the moving average, in line with our bearish analysis.
Pivot: 1.22309
Why we like it:
38.2%, 61.8% fibonacci retracement and 100% fibonacci extension
1st Support: 1.21422
Why we like it:
161.8% fibonacci extension and horizontal swing low
1st Resistance: 1.22779
Why we like it:
61.8% fibonacci retracement, 161.8% fibonacci extension 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.