USDCAD testing Pivot point. Potential for drop.
Description:
Price is testing our pivot at 1.27325, where we see a medium-probability bullish scenario for a drop beneath the pivot towards 1st support at 1.26778 as a possible target. Otherwise, should price fail to hold under our pivot, we could see price swing the other way towards our 1st resistance at 1.27634. It’s worth noting that the price is facing bearish pressure from the moving average and MACD under the 0-line, in line with our analysis
Pivot: 1.27325
Supporting Points:
78.6%, 38.2% Fibonacci retracement, moving average resistance and horizontal graphical overlap.
1st Support: 1.26778
Supporting Points:
127% fibonacci retracement and 61.8% Fibonacci extension
1st Resistance: 1.27634
Supporting Points:
23.6%, 38.2% Fibonacci retracement and graphical overlap resistance.
Price is testing our pivot at 1.27325, where we see a medium-probability bullish scenario for a drop beneath the pivot towards 1st support at 1.26778 as a possible target. Otherwise, should price fail to hold under our pivot, we could see price swing the other way towards our 1st resistance at 1.27634. It’s worth noting that the price is facing bearish pressure from the moving average and MACD under the 0-line, in line with our analysis
Pivot: 1.27325
Supporting Points:
78.6%, 38.2% Fibonacci retracement, moving average resistance and horizontal graphical overlap.
1st Support: 1.26778
Supporting Points:
127% fibonacci retracement and 61.8% Fibonacci extension
1st Resistance: 1.27634
Supporting Points:
23.6%, 38.2% Fibonacci retracement and graphical overlap resistance.