XNGUSD has been on an uptrend since the beginning of April 2021, the price recently found a retracement that took the price to the 3.798 levels, but it found a strong support level and is now bouncing back.
We could see the price break the $4.203 barrier in the short term as the pullback helped lower the relative strength index before it reached an overbought status. Now the price will have enough room to continue its uptrend and potentially break the highest level in more than two and a half years.
The Bollinger bands are opening up, indicating that volatility could be higher in the upcoming trading sessions. The price trades closer to the lower band, which will naturally allow it to continue moving up.
The short and long-term moving averages are still moving up; however, the spread between the lines is now narrower since the price had a retracement, but the general trend continues to be upwards.
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