• Oct 18, 2024
  • Trade ideas

XNGUSD: Following the Trendline!

XNGUSD, H4

XNGUSDH4.png

On the H4 timeframe, XNGUSD navigates within a a trendline and faces the 2.80 support at the 38.2 Fibonacci ratio.

The MFI oscillator shows an oversold conditions and a 200-MA giving an extra support layer, putting pressure on sellers.

  • If the price breaks above the trendline, it may skyrocket XNGUSD to 3.20 resistance.
  • However, breaching below the 38.2 Fibonacci and 200-MA support, will trigger a decline to 2.51 at the golden Fibonacci ratio.
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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: Timur Yurdagyul