XNGUSD has been on an uptrend since the beginning of April; the pair has made almost 60% during that time, it found some setbacks along the way, but the uptrend remains strong.
Recently, the price found a pullback, and the price almost fell to its support level at $3.798 in our 23.6% Fibonacci retracement, the price found support before that, and it's up more than 2.5% in one trading session.
The Bollinger bands are shrinking, and volatility is expected to be lower than usual; the price trades between the bands, which suggests a fair price. The technical elements are there for us to expect the pair to continue climbing in the short term.
The relative strength index is at 54%; after the pullback, the RSI dropped, allowing the uptrend to continue in the next few sessions or until the RSI reaches an overbought status above 70%.
The short and long-term moving averages are moving up, and the spread between the lines continues to expand, indicating an uptrend continuity. Our parabolic SAR indicator suggests that a downtrend should be expected; however, this is a lagging indicator.
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