#USDCAD, H4 is approaching our Pivot, potential for a bounce.
Description:
Price is approaching our Pivot point at 1.21684, which is in line with 50% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical area. We could potentially see price rise from here towards our 1st resistance level at 1.22379, in line with -27% fibonacci retracement and 100% fibonacci extension. Price is currently above the moving average, in line with our bullish analysis.
Pivot: 1.21684
Why we like it:
50% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical area
1st Support: 1.21268
Why we like it:
61.8% fibonacci retracement, 161.8% fibonacci extension and horizontal graphical area
1st Resistance: 1.22379
Why we like it:
-27% fibonacci retracement and 100% fibonacci extension
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point at 1.21684, which is in line with 50% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical area. We could potentially see price rise from here towards our 1st resistance level at 1.22379, in line with -27% fibonacci retracement and 100% fibonacci extension. Price is currently above the moving average, in line with our bullish analysis.
Pivot: 1.21684
Why we like it:
50% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical area
1st Support: 1.21268
Why we like it:
61.8% fibonacci retracement, 161.8% fibonacci extension and horizontal graphical area
1st Resistance: 1.22379
Why we like it:
-27% fibonacci retracement and 100% fibonacci extension
Trading FX & CFDs carries high risk.
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