USDCAD, H4 testing our Pivot, potential for a bullish breakout
Description:
Price is currently testing our Pivot point at 1.25289, which is in line with 78.6%, 50% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical area. We could potentially see price rise here towards our 1st resistance level at 1.26300, a fibonacci confluence. It is worth noting that MACD is above the 0 line, in line with our bullish analysis.
Pivot: 1.25289
Why we like it:
78.6%, 50% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical area
1st Support: 1.24459
Why we like it:
38.2% Fibonacci retracement, 161.8% fibonacci extension and horizontal swing low.
1st Resistance: 1.26300
Why we like it:
127% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap.
Trading FX & CFDs carries high risk.
Price is currently testing our Pivot point at 1.25289, which is in line with 78.6%, 50% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical area. We could potentially see price rise here towards our 1st resistance level at 1.26300, a fibonacci confluence. It is worth noting that MACD is above the 0 line, in line with our bullish analysis.
Pivot: 1.25289
Why we like it:
78.6%, 50% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical area
1st Support: 1.24459
Why we like it:
38.2% Fibonacci retracement, 161.8% fibonacci extension and horizontal swing low.
1st Resistance: 1.26300
Why we like it:
127% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap.
Trading FX & CFDs carries high risk.
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