Palladium: further downside potential?The price action recently tested its 200-day simple moving average and acted as some major resistance.
A price action below 2080 supports a bearish trend direction.
Further trend support below 2090.
Consolidation range from 1950 to 2040.
Crossing below 1940 might target 1860.
Crossing above 2030 might be the first sign of strength.
Lower highs and lower lows appliiable.
XPDUSD trade ideas
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PALLADIUM Buy signal to the 1D MA50.Palladium (XPDUSD) has been trading within a Falling Wedge pattern since late March and below the 1D MA50 (blue trend-line) since April 21. With the 1D Death Cross having been formed (when the 1D MA50 crosses below the 1D MA200), the market seems to be pricing a bottom, rather than preparing for a deeper fall. This is similar to the late September - October 2021 Support formation, which gradually rose above the 1D MA50.
As a result, with the 1D MACD also on a Bullish Cross, we are turning bullish on Palladium, aiming at the 1D MA50. Note that the ultimate long-term Support of the 1W MA300 is now above 1600. This is holding since January 03 2017.
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PALLADIUM - Long PositionTechnical point of view palladium find again a good support level around 2200 level. Looking forward breaking above 2500 will show strong reversal pattern.
Palladium: upside potential?A MACD bullish crossover supports a change in trend direction.
Above 2420 supports a bullish trend direction.
Crossing below this level will negate the bullish stance.
Strong upside price momentum supports the trend direction.
Remains above its 200-day simple moving average.
RSI leaves enough room for further upside price potential.
PALLADIUM - Short PositionRecovery move on PALLADIUM faded after price broke above the 2,225 price zone. The 2,300 area turned out to be too tough for bulls to break and price pulled back to the aforementioned 2,225 price zone.
PALLADIUM RALLY EXPECTEDAfter dipping 4.6% at two-moth low on Tuesday (29.03.22), to 2032.97, Palladium rose another 4.4% on Wednesday(30.03.22), when the pessimism regarding the peace talks between Ukraine and Russia increased. Russia is the biggest exporter of palladium, responsible for 40% of its global supply. Increased economic sanctions on Russia will deepen the scarcity of the metal on the global market.
If the bullish move continues, the price most likely will test its 20 SMA and its previous resistance at 2600. If not, it will probably attack its low from Tuesday at 2032.97,in any eventual progress of the peace talk between Ukraine and Russia. MACD's histogram is entering bullish territory as well, but the two moving averages of the indicator have not crossed yet. RSI is also currently indecisive.
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