XBRUSD resumes its uptrend after finding a retracement. The pair made it to the $73.38 levels and bounced back. It did not make it to its first Fibonacci retracement level at $72.93; traders reacted before it could attempt a breakout; this allowed the Relative strength index to get to the 62% levels. The current RSI sits at 66%, and as the price continues its uptrend, we will likely see it enter an oversold status in the short term.
The Bollinger bands are slowly shrinking, which will slow down volatility a bit, allowing a price consolidation in the mid $70's. The pair momentarily traded above the upper band, suggesting that the price is relatively high; however, it now trades below the line allowing it to continue its uptrend.
The short and long-term moving averages continue moving up, and the space between them continues to expand, which is an uptrend signal. It is likely to see another retracement in the upcoming days, allowing the pair to gather more strength and possibly break its highest level since October 2018.
Our parabolic SAR indicator suggests that the price will continue its uptrend.
We love to hear new ideas from traders and want to know what you think!
If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.
