USDCAD, H4 testing our Pivot, potential for a bearish breakout
Description:
Price is currently testing our Pivot point at 1.24524, which is in line with 241% fibonacci retracement, 78.6%, 50% fibonacci extension and horizontal graphical area. We could potentially see price breakout towards our 1st support level at 1.23665, a fibonacci confluence. It is worth noting price is trending under the ichimoku clouds, and MACD is under the 0 line, in line with our bearish analysis.
Pivot: 1.24524
Why we like it:
241% fibonacci retracement, 78.6%, 50% fibonacci extension and horizontal graphical area
1st Support: 1.23665
Why we like it:
-27%% Fibonacci retracement, 100% and 127% fibonacci extension
1st Resistance: 1.25744
Why we like it:
-61.8%%, 400% Fibonacci retracement and 127% fibonacci extension.
Trading FX & CFDs carries high risk.
Price is currently testing our Pivot point at 1.24524, which is in line with 241% fibonacci retracement, 78.6%, 50% fibonacci extension and horizontal graphical area. We could potentially see price breakout towards our 1st support level at 1.23665, a fibonacci confluence. It is worth noting price is trending under the ichimoku clouds, and MACD is under the 0 line, in line with our bearish analysis.
Pivot: 1.24524
Why we like it:
241% fibonacci retracement, 78.6%, 50% fibonacci extension and horizontal graphical area
1st Support: 1.23665
Why we like it:
-27%% Fibonacci retracement, 100% and 127% fibonacci extension
1st Resistance: 1.25744
Why we like it:
-61.8%%, 400% Fibonacci retracement and 127% fibonacci extension.
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.