#USDCAD, H4 has reversed from our Pivot, potential for a drop.
Description:
Price has reversed from our Pivot point at 1.20744, which is in line with 78.6% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap. We could potentially see a price drop from here towards our 1st support level at 1.20070, in line with 61.8% fibonacci retracement and horizontal swing low support. It is worth noting that the price is under the moving average, in line with our bearish analysis.
Pivot: 1.20744
Why we like it:
78.6% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
1st Support: 1.20070
Why we like it:
61.8% fibonacci retracement and horizontal swing low support
1st Resistance: 1.21092
Why we like it:
88.6% fibonacci retracement, 161.8% fibonacci extension and Horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price has reversed from our Pivot point at 1.20744, which is in line with 78.6% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap. We could potentially see a price drop from here towards our 1st support level at 1.20070, in line with 61.8% fibonacci retracement and horizontal swing low support. It is worth noting that the price is under the moving average, in line with our bearish analysis.
Pivot: 1.20744
Why we like it:
78.6% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
1st Support: 1.20070
Why we like it:
61.8% fibonacci retracement and horizontal swing low support
1st Resistance: 1.21092
Why we like it:
88.6% fibonacci retracement, 161.8% 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.