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

Thu, 14 May 2020 14:38:42 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)BuyBuySell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)BuyBuySell
SAR(0.02;0.2)BuyBuySell
Aggregate

The XAG/USD exchange rate has been trading within a rising wedge pattern since the end of April. The rate has already exceeded the 15.50 level.  

From a theoretical point of view, it is likely that silver could continue to appreciate against the US Dollar in the medium term. In this case the commodity price could reach the monthly R1 at 15.98 by the beginning of June. 

However, note that the exchange rate is supported by the 55– and 100-hour moving averages near 15.50. Thus, a breakout north could occur in the nearest future. In this case the rate could try to exceed the Fibo 50.00% at 16.39.


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