#USDCAD, H4 is breaking beneath our Pivot, potential for a drop.
Description:
Price is breaking beneath our Pivot point at 1.21346, which is in line with 61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap. We could potentially see a price drop here towards our 1st support level at 1.20439, in line with 78.6% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low support. It is worth noting that the price is under theIchimoku cloud resistance and MACD is under the 0 line, in line with our bearish analysis.
Pivot: 1.21346
Why we like it:
61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap
1st Support: 1.20439
Why we like it:
78.6% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low support
1st Resistance: 1.22126
Why we like it:
127% fibonacci extension and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
Price is breaking beneath our Pivot point at 1.21346, which is in line with 61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap. We could potentially see a price drop here towards our 1st support level at 1.20439, in line with 78.6% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low support. It is worth noting that the price is under theIchimoku cloud resistance and MACD is under the 0 line, in line with our bearish analysis.
Pivot: 1.21346
Why we like it:
61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap
1st Support: 1.20439
Why we like it:
78.6% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low support
1st Resistance: 1.22126
Why we like it:
127% fibonacci extension 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.