XAG/USD: technical analysis

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03/14/2019

XAG/USD, H4

On H4 chart, the instrument broke down the midline of Bollinger Bands from above, continuing to fall; the price range is narrowed. MACD histogram is in the positive zone with the buy signal weakening. Stochastic crosses the border of the oversold zone from above, forming a signal to open buy orders.

XAG/USD, D1

On D1 chart, the instrument could not break out the resistance level of 15.50, indicated by the midline of Bollinger Bands, and reversed down; the price range is expanded. MACD histogram is in the negative zone, the signal line is crossing the zero line and the body of the histogram from above, forming a signal to open short positions. Stochastic is on the border with the overbought area, the signal line is pointing up.

Key levels

Support levels: 15.21, 15.11, 14.94, 14.90.

Resistance levels: 15.34, 15.50, 15.56, 15.66, 15.73, 15.85, 15.95, 16.00, 16.18.

Trading tips

According to technical indicators, short positions could be opened from the current level with the target at 14.94 and stop loss at 15.50. Implementation period: 1-3 days.

Long positions may be opened from the level of 15.56 with the target at 16.00 and stop loss at 15.21. Implementation period: 3-5 days.

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