• Dec 4, 2024
  • Trade ideas

XNGUSD: Ascending channel

XNGUSD, Daily

XNGUSDDaily.png

In the Daily timeframe, XNGUSD formed an ascending channel pattern. The price fell to the lower trend line, testing the support and MA50. Indicators give mixed signals: MACD indicates the possibility of a further decline, while %R shows a significant oversold condition.

  • If the price breaks the trend line below 2.950 and MA50, it will start a bearish trend to 2.700;
  • A rebound from the trend line will bring the price back to 3.200;
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Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Egor Schmidt