🔹 Chart Pattern:
A falling wedge formation is clearly visible, signaling a potential bullish reversal. This is a typically bullish pattern that suggests a breakout to the upside is likely.
🔹 Key Levels:
Support Level: Around 31.95, marked by a green arrow.
Resistance Level: Around 33.25, marked by a red arrow.
Target Level: 33.75, indicated with a blue arrow and yellow highlight.
Current Price: 32.40
🔹 Trade Setup:
Entry Zone: Upon confirmed breakout of the wedge pattern, ideally above 32.60–32.80.
Stop Loss: Placed just below the support level at 31.95.
Take Profit: Targeting the next resistance and measured move projection at 33.75.
🔹 Strategy Notes:
Wait for a confirmed breakout with strong volume for entry.
Risk-reward ratio appears favorable.
Monitor for fakeouts near the upper trendline of the wedge.
📌 Summary:
XAGUSD is forming a bullish falling wedge near a key support level. A breakout above resistance could trigger a rally toward 33.75. A disciplined entry with proper stop loss and target levels offers a solid long setup.
A falling wedge formation is clearly visible, signaling a potential bullish reversal. This is a typically bullish pattern that suggests a breakout to the upside is likely.
🔹 Key Levels:
Support Level: Around 31.95, marked by a green arrow.
Resistance Level: Around 33.25, marked by a red arrow.
Target Level: 33.75, indicated with a blue arrow and yellow highlight.
Current Price: 32.40
🔹 Trade Setup:
Entry Zone: Upon confirmed breakout of the wedge pattern, ideally above 32.60–32.80.
Stop Loss: Placed just below the support level at 31.95.
Take Profit: Targeting the next resistance and measured move projection at 33.75.
🔹 Strategy Notes:
Wait for a confirmed breakout with strong volume for entry.
Risk-reward ratio appears favorable.
Monitor for fakeouts near the upper trendline of the wedge.
📌 Summary:
XAGUSD is forming a bullish falling wedge near a key support level. A breakout above resistance could trigger a rally toward 33.75. A disciplined entry with proper stop loss and target levels offers a solid long setup.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.