USDCAD, H4 is approaching from our Pivot, potential for a bounce
Description:
Price is approaching our Pivot point at 1.25954, which is in line with 61.8%, 78.6% fibonacci retracement, 127% fibonacci extension and horizontal graphical area. We could potentially see price bounce here towards our 1st resistance level at 1.26642, a fibonacci confluence. It is worth noting that price is above the Ichimoku cloud, in line with our bullish analysis.
Pivot: 1.25954
Why we like it:
61.8%, 78.6% fibonacci retracement, 127% fibonacci extension and horizontal graphical area
1st Support: 1.25616
Why we like it:
127% Fibonacci retracement, 200% fibonacci extension and horizontal graphical swing low.
1st Resistance: 1.26642
Why we like it:
-27%, 78.6% Fibonacci retracement and horizontal graphical swing high.
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point at 1.25954, which is in line with 61.8%, 78.6% fibonacci retracement, 127% fibonacci extension and horizontal graphical area. We could potentially see price bounce here towards our 1st resistance level at 1.26642, a fibonacci confluence. It is worth noting that price is above the Ichimoku cloud, in line with our bullish analysis.
Pivot: 1.25954
Why we like it:
61.8%, 78.6% fibonacci retracement, 127% fibonacci extension and horizontal graphical area
1st Support: 1.25616
Why we like it:
127% Fibonacci retracement, 200% fibonacci extension and horizontal graphical swing low.
1st Resistance: 1.26642
Why we like it:
-27%, 78.6% Fibonacci retracement and horizontal graphical swing high.
Trading FX & CFDs carries high risk.
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