USDCAD, H4 is approaching our Pivot, potential for a drop.
Description:
Price is approaching our Pivot point at 1.25457, which is in line with 78.6% fibonacci retracement, 61.8% fibonacci extension and descending trendline resistance. We could potentially see price drop here towards our 1st support level at 1.24925, in line with 88% fibonacci extension and horizontal swing low support. It is worth noting that price is under the Ichimoku clouds and descending trendline, in line with our bearish analysis.
Pivot: 1.25457
Why we like it:
78.6% fibonacci retracement, 61.8% fibonacci extension and descending trendline resistance
1st Support: 1.24925
Why we like it:
88% fibonacci extension and horizontal swing low support
1st Resistance: 1.25764
Why we like it:
127% fibonacci retracement, 100% Fibonacci extension and Ichimoku cloud resistance.
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point at 1.25457, which is in line with 78.6% fibonacci retracement, 61.8% fibonacci extension and descending trendline resistance. We could potentially see price drop here towards our 1st support level at 1.24925, in line with 88% fibonacci extension and horizontal swing low support. It is worth noting that price is under the Ichimoku clouds and descending trendline, in line with our bearish analysis.
Pivot: 1.25457
Why we like it:
78.6% fibonacci retracement, 61.8% fibonacci extension and descending trendline resistance
1st Support: 1.24925
Why we like it:
88% fibonacci extension and horizontal swing low support
1st Resistance: 1.25764
Why we like it:
127% fibonacci retracement, 100% Fibonacci extension and Ichimoku cloud 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.