#USDCAD, H4 approaching pivot, potential for bearish reversal
Description
Price is reacting below key pivot level of 1.24892 where we have 78.6% Fibonacci extension level & horizontal swing high resistance lining up. A drop below this level might see price take support at 1.22524, which is in line with 50.0% Fibonacci retracement level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 1.2654, which coincides with 161.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.24892
Why we like it:
78.6% Fibonacci extension level & horizontal swing high resistance
1st Support:
1.22524
50.0% Fibonacci retracement level & horizontal swing low support
1st Resistance:
1.26540
161.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting below key pivot level of 1.24892 where we have 78.6% Fibonacci extension level & horizontal swing high resistance lining up. A drop below this level might see price take support at 1.22524, which is in line with 50.0% Fibonacci retracement level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 1.2654, which coincides with 161.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.24892
Why we like it:
78.6% Fibonacci extension level & horizontal swing high resistance
1st Support:
1.22524
50.0% Fibonacci retracement level & horizontal swing low support
1st Resistance:
1.26540
161.8% Fibonacci retracement level, 127.2% Fibonacci extension level & 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.