USDCAD, H4 reversed from our Pivot point, potential for a drop.
Description:
Price has reversed from our Pivot point at 1.27148, which is in line with 50%, 38.2% Fibonacci retracement and 61.8% Fibonacci extension. We could potentially see price drop towards our 1st support level at 1.26205. It is worth noting that price is trending under the moving average and descending trendline resistance, which is showing bearish pressure in line with our analysis.
Pivot: 1.27148
Why we like it:
50%, 38.2% Fibonacci retracement and 61.8% Fibonacci extension
1st Support: 1.26205
Why we like it:
61.8% and 78.6% Fibonacci extension.
1st Resistance: 1.27620
Why we like it:
78.6% Fibonacci retracement, 100% fibonacci extension and horizontal graphical resistance.
Trading FX & CFDs carries high risk.
Price has reversed from our Pivot point at 1.27148, which is in line with 50%, 38.2% Fibonacci retracement and 61.8% Fibonacci extension. We could potentially see price drop towards our 1st support level at 1.26205. It is worth noting that price is trending under the moving average and descending trendline resistance, which is showing bearish pressure in line with our analysis.
Pivot: 1.27148
Why we like it:
50%, 38.2% Fibonacci retracement and 61.8% Fibonacci extension
1st Support: 1.26205
Why we like it:
61.8% and 78.6% Fibonacci extension.
1st Resistance: 1.27620
Why we like it:
78.6% Fibonacci retracement, 100% fibonacci extension and horizontal graphical resistance.
Trading FX & CFDs carries high risk.
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