• FxWirePro: xag/usd exhibits range bound movement, FED chair powell’s testifies in focus

    Source: FxWire Pro - Technicals / 17 Jul 2018 10:31:14   Europe/London

    • XAG/USD is currently trading around $15.82 marks.
    • It made intraday high at $15.84 and low at $15.72 levels.
    • Intraday bias remains slightly neutral till the time pair holds key resistance at $15.85 mark.
    • A daily close above $15.77 will test key resistances at $15.85, $15.96, $16.08, $16.20, $16.40 anss $16.55 marks respectively.
    • On the other side, a daily close below $15.77 will take the parity down towards key supports at $15.65, $15.57, $15.47 and $15.32 marks respectively.
    • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

    We prefer to take long position on XAG/USD only above $15.87, stop loss $15.65 and target of $16.20.

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