USDCAD, H4 testing our Pivot, potential for a bearish breakout
Description:
Price is currently testing our Pivot point at 1.24524, which is in line with 241% fibonacci retracement, 78.6%, 50% fibonacci extension and horizontal graphical area. We could potentially see price breakout towards our 1st support level at 1.23665, a fibonacci confluence. It is worth noting price is trending under the ichimoku clouds, and MACD is under the 0 line, in line with our bearish analysis.
Pivot: 1.24524
Why we like it:
241% fibonacci retracement, 78.6%, 50% fibonacci extension and horizontal graphical area
1st Support: 1.23665
Why we like it:
-27%% Fibonacci retracement, 100% and 127% fibonacci extension
1st Resistance: 1.25744
Why we like it:
-61.8%%, 400% Fibonacci retracement and 127% fibonacci extension.
Trading FX & CFDs carries high risk.
Price is currently testing our Pivot point at 1.24524, which is in line with 241% fibonacci retracement, 78.6%, 50% fibonacci extension and horizontal graphical area. We could potentially see price breakout towards our 1st support level at 1.23665, a fibonacci confluence. It is worth noting price is trending under the ichimoku clouds, and MACD is under the 0 line, in line with our bearish analysis.
Pivot: 1.24524
Why we like it:
241% fibonacci retracement, 78.6%, 50% fibonacci extension and horizontal graphical area
1st Support: 1.23665
Why we like it:
-27%% Fibonacci retracement, 100% and 127% fibonacci extension
1st Resistance: 1.25744
Why we like it:
-61.8%%, 400% Fibonacci retracement and 127% fibonacci extension.
Trading FX & CFDs carries high risk.
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