XTIUSD broke a four-day winning streak after finding resistance at $115. The pair managed to break two resistance levels at the 23.6% and 38.2% Fibonacci retracement, but it's having trouble completing the breakout at the 50% retracement which will indicate a trend reversal.
The Bollinger bands are wide and continue to open up, which will allow volatility to continue in the short term. The pair trades close to the upper band, suggesting that the price is considered relatively high, if the upper band continues expanding the uptrend is likely to continue, otherwise, the commodity could retrace a bit.
The relative strength index is at 37%, which will allow the price to continue moving upwards in the upcoming trading sessions. Our parabolic SAR indicator strengthens the long signals. The short and long-term moving averages crossed on the previous session, indicating that an uptrend is likely to continue.
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.