Title
XAGUSD H1 | Falling towards major support
Type
Bullish bounce
Preference:
The price is falling towards the pivot at 47.73, which is an overlap support that aligns with the 38.2% Fibonacci retracement. A bounce from this level could lead the price toward the 1st resistance at 50.74, a pullback resistance that is slightly below the 61.8% Fibonacci retracement.
Alternative Scenario:
If the price breaks below the pivot, it could fall to the 1st support at 46.00, which is a multi-swing low support.
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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.