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Aug 13, 2024

Trade ideas

XBRUSD: Expanding Triangle

XBRUSD, H4

XBRUSDH4.png

On the H4 time frame, XBRUSD navigates within an expanding triangle and faces a crucial 81.50 resistance. The MFI oscillator shows extremely overbought conditions for Brent, potentially indicating a bearish momentum.

  • If the bulls push the price above the resistance, XBRUSD will rise to 83.80;
  • A rebound from the 81.50 will drop the price to 78.70 support.

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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Timur Yurdagyul

Author: Timur Yurdagyul

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