USDCAD, H4 has broken beneath our Pivot, potential for a drop.
Description:
Price has broken beneath our Pivot point at 1.23000, which is in line with 61.8% fibonacci retracement and 100% fibonacci extension. We could potentially see price drop here towards our 1st support level at 1.22242, in line with -27% fibonacci retracement and 61.8% fibonacci extension. It is worth noting that price is under the descending trendline, in line with our bearish analysis.
Pivot: 1.23000
Why we like it:
61.8% fibonacci retracement and 100% fibonacci extension
1st Support: 1.22242
Why we like it:
-27% fibonacci retracement and 61.8% fibonacci extension
1st Resistance: 1.23423
Why we like it:
50%, 127% fibonacci retracement and descending trendline resistance.
Trading FX & CFDs carries high risk.
Price has broken beneath our Pivot point at 1.23000, which is in line with 61.8% fibonacci retracement and 100% fibonacci extension. We could potentially see price drop here towards our 1st support level at 1.22242, in line with -27% fibonacci retracement and 61.8% fibonacci extension. It is worth noting that price is under the descending trendline, in line with our bearish analysis.
Pivot: 1.23000
Why we like it:
61.8% fibonacci retracement and 100% fibonacci extension
1st Support: 1.22242
Why we like it:
-27% fibonacci retracement and 61.8% fibonacci extension
1st Resistance: 1.23423
Why we like it:
50%, 127% fibonacci retracement and descending trendline 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.