#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.
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