MikhailLF Posted November 19, 2020 Share Posted November 19, 2020 USD/CHF: USD is consolidating Current trend USD is trading near zero against CHF during today's Asian session, consolidating near strong support at 0.9100. USD received a short-term impulse to growth, which, however, was more due to technical factors. Macroeconomic statistics from the US published on Wednesday turned out to be rather negative and could hardly have contributed to the development of correctional sentiments in favor of USD. Building Permits Change in October showed zero dynamics after a solid growth of 4.7% in September. Housing Starts Change in October decreased from +6.3% to +4.9%. MBA Mortgage Applications for the week ending November 13 fell by 0.3% after declining by 0.5% in the previous period. Traders are focused on macroeconomic statistics from the US on the dynamics of jobless claims. Investors expect the indicators to continue declining moderately, but the number of Initial Jobless Claims is unlikely to fall below the psychological level of 700K. Support and resistance In the D1 chart, Bollinger Bands are reversing horizontally. The price range is narrowing from above, reflecting the emergence of ambiguous trading dynamics. MACD preserves moderate decline and a weak sell signal (located below the signal line). Stochastic, having approached the level of "20", reversed into a sideways channel, signaling about risks of oversold USD in the ultra-short term. Resistance levels: 0.9126, 0.9155, 0.9200, 0.9239. Support levels: 0.9100, 0.9074, 0.9028, 0.9000. Quote Link to comment Share on other sites More sharing options...
MikhailLF Posted November 20, 2020 Share Posted November 20, 2020 EUR/USD: the pair grows Current trend The EUR/USD pair is moving within an upward trend, trading around the level of 1.1890. The online summit of the EU leaders ended yesterday. The main issues were the settlement of the situation in Nagorno-Karabakh and the vaccine against COVID-19. The leaders agreed to expedite the preparation of national vaccination plans as quickly as possible and expressed their hope that one of the vaccines will soon be available for mass use. The US dollar is weakening against the major world currencies, trading at 92.220. Investors reacted negatively to the news that US Treasury Secretary Stephen Mnuchin refused to extend some emergency funding programs. In a situation where there are no negotiations on new incentives and the current programs are not extended, investors are leaving the dollar. Another negative factor was the data on Initial Jobless Claims, the number of which increased by 742K instead of the expected 707K. Support and resistance Globally, a correction develops within a wide sideways channel, and the price approaches the resistance line. Technical indicators keep a buy signal. Fast EMAs on the Alligator indicator are above the signal one, and the AO oscillator histogram stays in the buy zone. In general, the situation is suitable for a quick reversal and trend change. Resistance levels: 1.1930, 1.2160. Support levels: 1.1780, 1.1610. Quote Link to comment Share on other sites More sharing options...
MikhailLF Posted November 23, 2020 Share Posted November 23, 2020 EUR/USD: EUR is strengthening Current trend EUR is climbing again against USD during today's Asian session, recovering from a slight decline last Friday, which was triggered by the emergence of corrective sentiment in the market. USD positions remain under pressure, as the fundamental picture has changed slightly recently. Investors are concerned about the deteriorating epidemiological situation in the USA, which may eventually lead to additional budget spending and new restrictive measures, which have been diligently avoided by Donald Trump's administration. However, investors pin their main hopes on the development of a vaccine against coronavirus. Unverified information appears in the media that vaccination of Americans may begin as early as December. Today, traders are focused on the publication of statistics on business activity in the euro area (Germany and France separately) for November. The indices in the manufacturing and services sector are expected to decline, which will be the projected response to restrictive measures in many EU countries. Support and resistance Bollinger Bands in D1 chart show moderate growth. The price range is actively narrowing, pointing at the flat nature of trading in the short term. MACD indicator is growing preserving a weak buy signal (located above the signal line). Stochastic, having retreated from the level of "80", reversed into a horizontal plane, indicating fragile balance of power in the ultra-short term. To open new trading positions, it is necessary to wait for the signals from technical indicators to be clarified. Resistance levels: 1.1892, 1.1918, 1.1964, 1.2000. Support levels: 1.1850, 1.1800, 1.1763. Quote Link to comment Share on other sites More sharing options...
MikhailLF Posted November 24, 2020 Share Posted November 24, 2020 EUR/USD The pair is in a correction and may grow. On the daily chart, the first wave of the higher level 1 of (3) develops, within which a downward correction ended as the wave iv of 1. Now, the fifth wave v of 1 is developing, within which the first entry wave of the lower level (i) of v has formed, and a local correction is developing as the wave (ii) of v. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 1.2060–1.2200. In this scenario, critical stop loss level is 1.1724. Quote Link to comment Share on other sites More sharing options...
MikhailLF Posted November 25, 2020 Share Posted November 25, 2020 GBP/USD: GBP updates local highs Current trend GBP is trading with multidirectional dynamics against USD at today's morning session, consolidating near 1.3350 and local highs since September 2, updated at the beginning of this week. GBP is supported by further weakening of USD against the backdrop of rather optimistic news from the US. Investors are reacting to the long-awaited start of the transfer of power from Donald Trump's administration, which is likely to prevent further aggravation of the political situation in the country. The markets were also encouraged by the reports of the possible appointment of the former Fed Chair Janet Yellen to the post of US Treasury Secretary. Yellen is expected to sharply increase fiscal spending to help lift the US economy out of the crisis caused by the epidemic. Further growth of GBP is limited by the approaching Brexit deadlines. The Bank of England Governor, Andrew Bailey, warned the markets, saying that the country's exit from the EU without a deal could be "worse than COVID-19". Support and resistance Bollinger Bands in D1 chart show stable growth. The price range is expanding from above, having difficulty keeping pace with the development of the "bullish" trend in recent days. MACD indicator is growing preserving an unsteady buy signal (located above the signal line). Stochastic, approaching the level of "80", reversed into a horizontal plane, reacting to risks associated with overbought GBP in the ultra-short term. Existing long positions should be kept until technical indicators are clarified. Resistance levels: 1.3400, 1.3481, 1.3550. Support levels: 1.3311, 1.3250, 1.3200, 1.3125. Quote Link to comment Share on other sites More sharing options...
MikhailLF Posted November 26, 2020 Share Posted November 26, 2020 EUR/USD: EUR updates September highs Current trend EUR shows a slight increase against USD today, trading near local highs of early September, updated the day before. EUR is still supported by fairly optimistic market sentiments related to the start of the transfer of power in the USA, as well as the expectation of the imminent start of the coronavirus vaccination campaign. Also yesterday, the market received interesting macroeconomic statistics from the US. USD was under pressure from the data on the number of Initial Jobless Claims. For the week ending November 20, Initial Jobless Claims again increased from 748K to 778K, while analysts expected it to decrease to 730K. Continuing Jobless Claims for the week ending November 13 decreased from 6.37M to 6.071M, which turned out to be slightly worse than the market forecasts of a decrease to 6.02M. Today, European investors are focused on the speeches by the ECB representatives, Philip Lane and Isabel Schnabel. Also during the day, the European regulator is to publish the minutes of its last meeting on monetary policy. Support and resistance In the D1 chart, Bollinger Bands are reversing horizontally. The price range is expanding but it fails to conform to the development of "bullish" sentiments at the moment. MACD indicator is growing preserving a rather stable buy signal (located above the signal line). Stochastic retains upward direction but is located near its highs, which indicates the overbought EUR in the ultra-short term. Resistance levels: 1.1930, 1.1964, 1.2000, 1.2030. Support levels: 1.1892, 1.1850, 1.1800, 1.1763. Quote Link to comment Share on other sites More sharing options...
MikhailLF Posted November 27, 2020 Share Posted November 27, 2020 GBP/USD: wave analysis The pair may grow. On the 4-hour chart, the first wave of the higher level (1) develops, within which the wave 5 of (1) forms. Now, the third wave of the lower level iii of 5 is developing, within which the wave (v) of iii is forming. If the assumption is correct, the pair will grow to the levels of 1.3490–1.3700. In this scenario, critical stop loss level is 1.3267. Quote Link to comment Share on other sites More sharing options...
MikhailLF Posted November 30, 2020 Share Posted November 30, 2020 XAU/USD: five-month lows updated Current trend Gold prices are showing a steady decline in today's trading, renewing their lows since July 2. The instrument got an opportunity to consolidate below the psychological level of 1800.00, responding to the growing positive sentiment regarding political and economic changes in the USA with the arrival of the Joe Biden administration. Pressure on safe gold is also coming from the growing prospect of tackling COVID-19 through the launch of a massive vaccination campaign, although it will certainly take a long time given the amount of vaccine needed and the rush to develop it. In turn, some support for gold is provided by the possible prospects for another easing of monetary policy by the world's leading regulators in December, especially from the Fed and the ECB. Support and resistance Bollinger Bands in D1 chart demonstrate a stable decrease. The price range is expanding from below; however, it fails to catch the development of "bearish" trend at the moment. MACD is actively going down preserving a stable sell signal (located below the signal line). Stochastic, having reached its lows, reversed into the horizontal plane, indicating growing risks of corrective growth in the short and/or ultra-short term. To open new positions, it is necessary to wait for the trade signals to become clear. Existing short positions should be kept in the short term. Resistance levels: 1779.09, 1800.00, 1811.96, 1830.00. Support levels: 1753.57, 1735.13, 1720.00, 1700.00. Quote Link to comment Share on other sites More sharing options...
MikhailLF Posted December 1, 2020 Share Posted December 1, 2020 XAG/USD: wave analysis The pair may fall. On the daily chart, the first wave of the higher level 1 of (3) formed, and a downward correction develops as the wave 2 of (3). Now, the wave a of 2 has formed, the wave b of 2 has developed, and of the wave c of 2 is forming. If the assumption is correct, the price will fall to the levels of 20.52–18.28. In this scenario, critical stop loss level is 25.05. Quote Link to comment Share on other sites More sharing options...
MikhailLF Posted December 2, 2020 Share Posted December 2, 2020 USD/CAD: USD remains under pressure Current trend USD shows multidirectional trading against CAD in today's Asian session, slightly correcting after an active decline the day before, which returned the instrument to the area of local lows since October 2018. USD is under pressure from the worsening epidemiological situation, as well as not the most confident macroeconomic statistics on business activity in the US manufacturing sector. The reduction of the instrument the day before was also facilitated by the speech of the Fed Chair Jerome Powell in the Congress. Powell warned that the country will face several "difficult" months ahead, since it is not yet possible to count on a quick solution to the coronavirus issue, and the economy already needs additional support. In turn, Canadian data managed to support the market. Canada's annualized GDP in Q3 2020 grew by an impressive 40.5% QoQ after falling by 38.1% QoQ last month. However, the market forecasts assumed that the Canadian economy will grow by 47.6% QoQ. Markit Manufacturing PMI in Canada in November rose from 55.5 to 55.8 points, in line with the forecasts. Support and resistance Bollinger Bands in D1 chart demonstrate a moderate decrease. The price range is slightly widening from below but does not conform to the development of the "bearish" trend yet. MACD is going down preserving a moderate sell signal (located below the signal line). Stochastic, on the other hand, maintains a timid uptrend, signaling that USD is oversold in the ultra-short term. Resistance levels: 1.2950, 1.3000, 1.3050, 1.3100. Support levels: 1.2900, 1.2850, 1.2800. Quote Link to comment Share on other sites More sharing options...
MikhailLF Posted December 3, 2020 Share Posted December 3, 2020 EUR/USD: updating record highs Current trend EUR is trading ambiguously against USD during today's Asian session, consolidating near 1.2120 and all-time highs since April 2018. EUR maintains its "bullish" momentum, receiving support from a weak USD; however, technical factors and the coming weekend provoke traders to close some of their long positions. Macroeconomic statistics from Europe published yesterday turned out to be moderately optimistic. Investors were most pleased with data from Germany, which reflected a 2.6% MoM growth in October retail sales after a 2.2% MoM decline in the previous month. Analysts had expected growth of 1.2% MoM. In annual terms, sales added 8.2% YoY, which also turned out to be noticeably better than market forecasts at +5.9% YoY. Today, investors are focused on business activity statistics in the euro area for November. Support and resistance Bollinger Bands in D1 chart show stable growth. The price range is expanding; however, it fails to catch the development of "bullish" trend at the moment. MACD indicator is growing keeping a strong buy signal (located above the signal line). Stochastic retains its upward direction but is located near its highs, which indicates risks of overbought EUR in the ultra-short term. Technical indicators do not contradict the further development of the uptrend. Resistance levels: 1.2150, 1.2200, 1.2243. Support levels: 1.2087, 1.2039, 1.2000, 1.1930. Quote Link to comment Share on other sites More sharing options...
MikhailLF Posted December 4, 2020 Share Posted December 4, 2020 Brent Crude Oil: wave analysis The price may grow. On the daily chart, a downward correction of the higher level developed as the wave B, and the formation of the upward wave C started, within which the first wave 1 of (1) of C develops. Now, the third wave of the lower level iii of 1 is forming, within which the wave (ii) of iii has ended. If the assumption is correct, the price will grow to the levels of 59.92–71.40. In this scenario, critical stop loss level is 46.60. Quote Link to comment Share on other sites More sharing options...
MikhailLF Posted December 7, 2020 Share Posted December 7, 2020 Morning Market Review EUR/USD EUR shows flat dynamics of trading against USD during today's Asian session, consolidating after an active decline of the instrument last Friday. EUR ended the session on December 4 in the red, responding to technical factors, while USD remained under pressure after the publication of weak data on employment in the country. The November labor market report reflected an increase in Nonfarm Payrolls by only 245K after an increase of 610K in October. Investors expected a slowdown in the dynamics of the indicator, but hoped for 469K new jobs. At the same time, the Unemployment Rate fell from 6.9% to 6.7%, and Average Hourly Earnings in November increased from +0.1% MoM to +0.3% MoM, which also turned out to be better than the neutral market forecasts. Today, traders expect publication of data on industrial production in Germany for October. Interesting statistics from the US will appear only on Thursday, and before that investors will actively discuss the prospects for further easing of monetary policy from the Fed in the light of the published report on the US labor market. GBP/USD GBP is showing ambiguous trading dynamics against USD in today's Asian session, consolidating near 1.3400. The instrument managed to update record highs since May 2018 last week; however, GBP failed to consolidate at new levels, since the technical factors of the correction were very strong. The trading of the new week starts quite carefully. Some support for GBP is provided by weak data from the US, which appeared at the end of last week, but there are still few fundamental growth factors. It became known on Saturday that the UK and the EU again failed to agree on a trade agreement within the framework of the Brexit transition period, and therefore the negotiators will continue joint meetings this week. Meanwhile, British Prime Minister Boris Johnson and the European Commission President Ursula von der Leyen announced significant progress in the negotiations; however, the market got used to these statements. NZD/USD NZD is trading ambiguously against USD in today's Asian session, preparing to test the level of 0.7000 for a breakdown again. The instrument showed an active decline last Friday, retreating from the record highs, updated the day before. The reason for the development of the "bearish" trend were technical factors, while the long-awaited report on the US labor market, released last Friday, disappointed investors with a slowdown in the growth of Nonfarm Payrolls (+245K against +610K in October). The Chinese statistics provide moderate support to the instrument today. China's Exports in November showed an impressive 21.1% YoY growth after rising only by 11.4% YoY in October. Forecasts suggested an increase of 12% YoY only. Imports over the same period, on the contrary, slowed down from +4.7% YoY to +4.5% YoY, which led to a noticeable increase in the trade surplus from USD 58.44B to 75.42B, which is significantly ahead of forecasts investors at USD 53.5B. USD/JPY USD is trading with a downtrend against JPY during today's Asian session, leveling the growth of the instrument last Friday, when the "bulls" still managed to recover, despite the publication of not very successful macroeconomic statistics from the US. At the beginning of the week, investors are returning to strategies that are still characterized by high demand for "safe" assets, given the tense epidemiological situation in the world. Japanese investors expect the publication of statistics from Japan tomorrow. Among other things, traders will be interested in the updated data on the dynamics of Japan's GDP for Q3 2020. In addition, Japan will release the dynamics of changes in Labor Cash Earnings and Household Spending for October. XAU/USD Gold prices are consolidating in today's Asian session, being located near the level of 1840.00 and local highs since November 23, updated at the end of the last trading week. Technical factors contributed to the decline in the instrument last Friday, while fundamentally USD remains under pressure after the publication of an uncertain report on the US labor market for November and in anticipation of new support measures for the American economy. In turn, the optimistic news regarding the development of vaccines against the coronavirus makes traders keep some of the risky positions, and the stock market is kept near record highs. Since December 7, Great Britain is one of the first in the world to begin a large-scale vaccination of the population (starting with risk groups) with a vaccine from Pfizer and BioNTech. Quote Link to comment Share on other sites More sharing options...
MikhailLF Posted December 8, 2020 Share Posted December 8, 2020 EUR/USD: wave analysis The pair may grow. On the daily chart, the first wave of the higher level 1 of (3) develops, within which the wave v of 1 forms. Now, the third wave of the lower level (iii) of v is developing, within which the wave iii of (iii) is forming, and the local correction iv of (iii) is ending. If the assumption is correct, the pair will grow to the levels of 1.2300–1.2400. In this scenario, critical stop loss level is 1.2037. Quote Link to comment Share on other sites More sharing options...
MikhailLF Posted December 9, 2020 Share Posted December 9, 2020 USD/CAD: wave analysis The pair may fall. On the 4-hour chart, a correction of the higher level developed as the wave (2), and the formation of the downward wave (3) started. Now, the third wave of the lower level iii of 1 is developing, within which the wave (iii) of iii has formed, and the local correction (iv) of iii is developing. If the assumption is correct, after the end of the correction, the pair will fall to the levels of 1.2700–1.2600. In this scenario, critical stop loss level is 1.2906. Quote Link to comment Share on other sites More sharing options...
MikhailLF Posted December 10, 2020 Share Posted December 10, 2020 NZD/USD: wave analysis The pair is in a correction and may grow. On the daily chart, the upward wave (А) of B develops as a momentum, within which the wave 5 of (A) forms. Now, the third wave of the lower level iii of 5 has formed, and a local correction is developing as the fourth wave iv of 5. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 0.7177–0.7350. In this scenario, critical stop loss level is 0.6951. Quote Link to comment Share on other sites More sharing options...
MikhailLF Posted December 11, 2020 Share Posted December 11, 2020 The pair may grow. On the daily chart, the third wave of the higher level (3) formed, and a downward correction formed as the wave (4). Now, the development of the fifth wave (5) has started, within which the first entry wave of the lower level i of 1 of (5) has formed, and the wave ii of 1 is ending. If the assumption is correct, the pair will grow to the levels of 1965.33–2013.38. In this scenario, critical stop loss level is 1762.36. Quote Link to comment Share on other sites More sharing options...
MikhailLF Posted December 14, 2020 Share Posted December 14, 2020 Brent Crude Oil: prices are recovering Current trend Today, during the Asian session, oil prices are showing upward dynamics, trying to consolidate above the psychological level of $50 per barrel. The instrument dropped slightly at the end of the last trading week, however, it was caused by technical factors. The quotes are strongly supported by optimism regarding vaccines against COVID-19. Last weekend, it became known that the US Food and Drug Administration (FDA) noted the advantage of the vaccine from Pfizer and approved its use for the population over 16 years old. A vaccination campaign is expected to start soon in the US, which will strengthen the market's confidence that the next year can be survived without new lockdowns. Meanwhile, Baker Hughes' report on active oil platforms in the US, released on Friday, again reflected a solid increase from 246 to 258 units. Support and resistance On the daily chart, Bollinger Bands reverse into a horizontal plane. The price range is expanding from above but not as fast as the “bullish” dynamics develop. The MACD indicator is growing, maintaining a poor buy signal (the histogram is above the signal line). Stochastic, without reaching the overbought area, reversed into a horizontal plane near the level of 80, indicating the ambiguous nature of the last days' trading. The current readings of technical indicators do not contradict the further development of upward dynamics. Resistance levels: 51.07, 52.00, 53.00. Support levels: 50.00, 49.07, 48.40, 47.50. Quote Link to comment Share on other sites More sharing options...
MikhailLF Posted December 15, 2020 Share Posted December 15, 2020 XAG/USD: wave analysis The pair may fall. On the daily chart, the first wave of the higher level 1 of (3) formed, and a downward correction develops as the wave 2 of (3). Now, the wave c of 2 is forming, within which a local correction has ended as the fourth wave of the lower level (iv) of c, and the development of the wave (v) of c has started. If the assumption is correct, the price will fall to the levels of 21.54–20.52. In this scenario, critical stop loss level is 24.84. Quote Link to comment Share on other sites More sharing options...
MikhailLF Posted December 16, 2020 Share Posted December 16, 2020 EUR/USD: euro is near record highs Current trend Today during the Asian session, the EUR/USD pair is growing slightly, gradually returning to the previous record highs around 1.2174. USD weakens amid optimism about COVID-19 vaccinations, actively starting around the world. The process may begin in the US soon, as the Food and Drug Administration (FDA) recently approved the use of Pfizer and BioNTech vaccines. Yesterday, it became known that the FDA is preparing to publish the results of the third phase of clinical trials of the vaccine from Moderna, which can also be interpreted as the first step towards its approval for emergency use in the country. Meanwhile, the epidemiological situation in the US remains difficult. Earlier, the mayor of New York expressed the idea of returning the city to a full-fledged quarantine in response to a sharp increase in the case number. On Wednesday, European investors are focused on the block of macroeconomic statistics on business activity in Germany and the EU. Analysts predict the data to be poor, so there is no expectation of noticeable growth in the single currency. Support and resistance On the daily chart, Bollinger bands actively grow. The price range narrows, indicating the emergence of flat dynamics in the short term. MACD grows but keeps a sell signal (the histogram is below the signal line). Stochastic grows but rapidly approaches its highs, indicating that EUR may become overbought in the ultra-short term. Resistance levels: 1.2200, 1.2243, 1.2270, 1.2300. Support levels: 1.2150, 1.2087, 1.2039, 1.2000. Quote Link to comment Share on other sites More sharing options...
MikhailLF Posted December 17, 2020 Share Posted December 17, 2020 USD/CAD: wave analysis The pair is in a correction, a fall is possible. On the 4-hour chart, a correction of the higher level developed as the wave (2), and the downward wave (3) forms, within which the wave 1 of (3) develops. Now, the third wave of the lower level iii of 1 has formed, and a local correction is developing as the wave iv of 1. If the assumption is correct, after the end of the correction, the pair will fall to the levels of 1.2600–1.2500. In this scenario, critical stop loss level is 1.2881. Quote Link to comment Share on other sites More sharing options...
MikhailLF Posted December 21, 2020 Share Posted December 21, 2020 WTI Crude Oil: wave analysis The price may grow. On the daily chart, a downward correction of the higher level developed as the wave B, and the formation of the upward wave C started, within which the first wave 1 of (1) of C develops. Now, the third wave of the lower level iii of 1 is forming, within which the wave (iii) of iii is developing. If the assumption is correct, the price will grow to the levels of 65.50–76.30. In this scenario, critical stop loss level is 43.50. Quote Link to comment Share on other sites More sharing options...
MikhailLF Posted December 22, 2020 Share Posted December 22, 2020 EUR/USD: wave analysis The pair may grow. On the daily chart, the first wave of the higher level 1 of (3) develops, within which the wave v of 1 forms. Now, the third wave of the lower level (iii) of v of 1 has developed, and a local correction is forming as the wave (iv) of v of 1. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 1.2340–1.2400. In this scenario, critical stop loss level is 1.2069. Quote Link to comment Share on other sites More sharing options...
MikhailLF Posted December 23, 2020 Share Posted December 23, 2020 USD/CAD: wave analysis The pair is in a correction, a fall is possible. On the daily chart, the downward wave of the higher level (C) of 4 develops, within which the fifth wave 5 of (C) forms. Now, the third wave of the lower level iii of 5 is developing, within which the local correction (iv) of iii is ending. If the assumption is correct, after the end of the correction, the pair will fall to the levels of 1.2600–1.2500. In this scenario, critical stop loss level is 1.3179. Quote Link to comment Share on other sites More sharing options...
MikhailLF Posted December 24, 2020 Share Posted December 24, 2020 XAG/USD: silver rises again Current trend Silver contract prices began to recover again, trading at $25.7 an ounce. In December, world prices for precious metals are quite stable and fully reflect the behavior of investors in the markets. In this regard, it is quite convenient to track the future possible movement of an asset by comparing it with the quotes of the VIX volatility index. Historically, as the VIX rises, tensions rise in the markets, and investors start to actively move into the assets of the metal group, using them as shelter assets. The VIX has been declining since last Friday but yesterday, there was a major reversal, and the index rose sharply from 22.37 points to the current level of 23.31 points. Accordingly, soon, the strengthening of silver quotes is expected, especially since the long weekend is coming. Support and resistance On the local chart of the asset, the price moves within the local ascending channel. Inside it, the instrument has reached the support line and is forming a reversal. Fast EMAs on the Alligator indicator crossed the signal one upwards, and the AO oscillator histogram is in the sell zone but very close to the transition level. Resistance levels: 26.10, 27.40. Support levels: 25.10, 23.60. Quote Link to comment Share on other sites More sharing options...
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