empty
 
 
20.01.2021 11:59 AM
USDCAD reversed from Pivot point. Potential for drop!

This image is no longer relevant

Price has reversed from pivot at 1.27146, where we see a medium-probability bearish scenario for a drop beneath the pivot towards 1st support at 1.27146 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 1.27577. 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.

Trading Recommendation

Entry: 1.27141

Reason for Entry:

50% Fibonacci retracement, 61.8% Fibonacci extension and horizontal graphical overlap.

Take Profit: 1.26624

Reason for Take Profit:

78.6%, -61.8% fibonacci retracement and 127% Fibonacci extension

Stop Loss: 1.27578

Reason for Stop Loss:

23.6%, 50% Fibonacci retracement and graphical overlap resistance.

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback