Disclaimer: This analysis is for educational purposes only and represents my personal opinion. Consult your financial advisor before making any decisions.
Market Analysis:
The XAGUSD pair has retested the key support level at 30.12 and bounced, but lacks impulsive momentum. The 4-hour price action indicates a bearish trend, confined within an ascending trend channel, with no notable increase in volume. A close below immediate support levels raises concerns about the short-term bullish outlook. However, RSI is showing both bullish divergence and bearish divergence.
Key Levels:
Trading Bias:
Bearish: With the daily Point of Control at 31.29 and OBV resistance at 31.84-32.13, we anticipate a potential rejection upon retesting.
Scenario 1: Rejection at Resistance
Scenario 2: Breakdown Below Local Low
Caution:
A sustained move above 32.13 would invalidate our bearish bias and potentially signal a trend reversal.
https://www.tradingview.com/x/jYlADuZx/
Market Analysis:
The XAGUSD pair has retested the key support level at 30.12 and bounced, but lacks impulsive momentum. The 4-hour price action indicates a bearish trend, confined within an ascending trend channel, with no notable increase in volume. A close below immediate support levels raises concerns about the short-term bullish outlook. However, RSI is showing both bullish divergence and bearish divergence.
Key Levels:
- POC (Daily Point of Control): 31.29
- Resistance (OBV): 31.29 - 32.00
- Resistance: 31.29
- Immediate Support: 30.18
- Local Low: 29.67
Trading Bias:
Bearish: With the daily Point of Control at 31.29 and OBV resistance at 31.84-32.13, we anticipate a potential rejection upon retesting.
Scenario 1: Rejection at Resistance
- Price rejection at 31.29 could lead to a decline towards 30.18 and potentially 29.67.
Scenario 2: Breakdown Below Local Low
- A break below 29.67 could trigger a downward move towards 28.70 (daily Point of Control), filling the gap.
Caution:
A sustained move above 32.13 would invalidate our bearish bias and potentially signal a trend reversal.
https://www.tradingview.com/x/jYlADuZx/
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.