Title
XAGUSD H1 | Bearish continuation in play
Type
Bearish drop
Preference:
The price has rejected off the pivot at 49.21, which is pullback resistance that is slightly below the 38.2% Fibonacci retracement. A drop from this level could lead the price toward the 1st support at 46.11, a swing low support level.
Alternative Scenario:
If the price breaks above the pivot, it could rise to the 1st resistance at 50.58, which is a pullback resistance that aligns with the 61.8% Fibonacci retracement.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.