USDCAD, H4 is testing our Pivot, potential for a bounce.
Description:
Price is currently testing our Pivot point at 1.24637, which is in line with 38.2%, 61.8% fibonacci retracement, 50% fibonacci extension and horizontal graphical area. We could potentially see price rise here towards our 1st resistance level at 1.25872, a fibonacci confluence. It is worth noting price has broken above the moving average, in line with our bullish analysis.
Pivot: 1.24637
Why we like it:
38.2%, 61.8% fibonacci retracement, 50% fibonacci extension and horizontal graphical area
1st Support: 1.23839
Why we like it:
88% Fibonacci retracement, 127% fibonacci extension and horizontal swing low.
1st Resistance: 1.25872
Why we like it:
61.8%, 78.6% Fibonacci retracement and horizontal graphical overlap.
Trading FX & CFDs carries high risk.
Price is currently testing our Pivot point at 1.24637, which is in line with 38.2%, 61.8% fibonacci retracement, 50% fibonacci extension and horizontal graphical area. We could potentially see price rise here towards our 1st resistance level at 1.25872, a fibonacci confluence. It is worth noting price has broken above the moving average, in line with our bullish analysis.
Pivot: 1.24637
Why we like it:
38.2%, 61.8% fibonacci retracement, 50% fibonacci extension and horizontal graphical area
1st Support: 1.23839
Why we like it:
88% Fibonacci retracement, 127% fibonacci extension and horizontal swing low.
1st Resistance: 1.25872
Why we like it:
61.8%, 78.6% Fibonacci retracement and horizontal graphical overlap.
Trading FX & CFDs carries high risk.
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