Forex Trading Library

XAGUSD – Breaks the flag formation to the downside

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Monthly: With the formation of an Ending wedge pattern, the long-term focus remains to the upside. A break of 16.06 and the measured move target is 21.13

Daily: A five wave pattern was completed at 16.21. This would suggest that the whole move lower from the 20th February is corrective. We are assessed as being in the AB=CD pattern lower. Fibonacci support levels are seen at 14.78 (61.8%) and 14.39 (78.6%) from the 13.90 – 16.21 move

Intraday (8-hours): Broken the flag formation to the downside. Reverse trend line resistance is located at 15.22. Bespoke resistance is seen at 15.16. This formation has a measured move target of 14.41, close to the 78.6% Fibonacci level. Selling into mild rallies offers ample risk/reward

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