XAG/USD 1H Chart: Falling wedge pattern in sight - Trade Pattern Ideas - Dukascopy Bank

Fri, 11 Oct 2019 14:37:26 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)BuySellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)BuySellSell
SAR(0.02;0.2)BuyBuySell
Aggregate

Silver has been depreciating against the US Dollar within the falling wedge pattern since the beginning of September. Since Tuesday, the XAG/USD exchange rate has been testing the upper pattern line.  

From a theoretical point of view, it is likely that some downside potential could prevail in the market, as the rate should target the lower wedge line located circa 16.50. 

However, note that the commodity is supported by the Fibonacci 50.00% retracement at the 17.36 mark. If the given support level holds, the exchange rate could breach the given pattern north in the nearest future. A possible upside target is the monthly R1 at 18.83.


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