MICRO CAD/USD FUTURES (MCD1!), H4 Potential for Bearish Drop
Type : Bearish Drop
Resistance : 0.7696
Pivot: 0.7645
Support : 0.7559
Preferred Case: On the H4, with price trendline and moving below the ichimoku indicator,we have a bearish bias that price may drop from pivot at 0.7645 where the swing low support is. Should price break pivot structure, we would expect bearish momentum to carry price to 1st support at 0.7559 where the1st support and 100% fibonacci projection are.
Alternative scenario: Alternatively, price could rise to 1st resistance at 0.7696 in line with 23.6% fibonacci retracement .
Fundamentals: During the Jackson Hole symposium, Fed Chair Powell indicated that more rate hikes were coming and that the Feds could continue lifting rates sharply for some time as it combats to bring inflation towards its target level, which made DXY strengthened and gained against all the other currencies.
Resistance : 0.7696
Pivot: 0.7645
Support : 0.7559
Preferred Case: On the H4, with price trendline and moving below the ichimoku indicator,we have a bearish bias that price may drop from pivot at 0.7645 where the swing low support is. Should price break pivot structure, we would expect bearish momentum to carry price to 1st support at 0.7559 where the1st support and 100% fibonacci projection are.
Alternative scenario: Alternatively, price could rise to 1st resistance at 0.7696 in line with 23.6% fibonacci retracement .
Fundamentals: During the Jackson Hole symposium, Fed Chair Powell indicated that more rate hikes were coming and that the Feds could continue lifting rates sharply for some time as it combats to bring inflation towards its target level, which made DXY strengthened and gained against all the other currencies.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results