by Kaci J, March 25, 2023
by tradergirlfx March 25, 2023
Table of Contents
Fibonacci Retracement + Extension, Support and Resistance
On the 4HR timeframe on the down Fibonacci sequence price did not complete a retracement to the 38.2 (.68360) to complete the sequence at the 61.8 D extension (.65263). Instead, a 23.6 retracement was completed with price stalling at the 1.18 and 1.27 D extension. I anticipate a move atleast to the 38.2. Price is currently sitting at the 4HR support level. I anticipate that price may find support at this level or complete it’s Fib sequence on the 1HR to .6612X and begin to make a move up. If this happens, I think we will get atleast the 38.2. But before we can get there, we’d need to break above the daily resistance, which also is the matching extension for 86 retracement level. The alternative is that price could finish out the current sequence and hit the D extension at .65263.
Risking 50 pips for potential 165 gain. 3:1 setup.
2% of account;
Australian CPI data on Tuesday. GDP data for US on Thursday.
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