Solid News

XAGUSD: Fibonacci Levels Analysis

6/23/2022 2:56 PM


On the daily chart, the price reversed at 21.95 (correction 23.6%) and continues to decline along the downward "fan," the targets of which may be the levels 20.60 (correction 0.0%) and 18.95 (extension 61.8%). The key "bullish" level is 21.95, supported by the middle line of Bollinger bands, and if it is broken, the asset will rise to 22.80 (correction 38.2%), 23.50 (correction 50.0%), but this option of movement is seen as less likely, as the indicators point to the continuation of the downtrend: Bollinger bands and Stochastic reverse downwards, and the MACD histogram is stable in the negative zone.


On the weekly chart, the trading instrument overcame 22.30 (correction 38.2%), which allows it to fall to 20.45 (correction 50.0%) and 18.60 (correction 61.8%). In case of a reverse breakout of 22.30, positive dynamics may develop to 23.50 (middle line of Bollinger bands) and 24.60 (correction 23.6%). Technical indicators point to continued decline: Bollinger bands and Stochastic reverse downwards, while the MACD histogram is increasing in the negative zone.

Support and resistance

Soon, a price decline to 20.60 (correction 0.0%, D1), 20.45 (correction 50.0%, W1), 18.95 (extension 61.8%, D1) seems more likely. If 21.95 (extension 23.6%, D1) is broken upwards, the upward dynamics will continue to 22.80 (correction 38.2%, D1) and 23.50 (correction 50.0%, D1, middle line of Bollinger Bands, W1).

Resistance levels: 21.95, 22.80, 23.50.

Support levels: 20.60, 20.45, 18.95.

Find Us
First Floor, First St Vincent Bank LTD Building James Street Kingstown St Vincent and the Grenadines
Call Us
+1 415 367 3742

Solid ECN Securities is an international brand formed and authorized in Saint Vincent and the Grenadines with the registration number 1390 LLC 2021 committed to offering the best possible trading experience. Disclosure: Please note that foreign exchange and other leveraged trading involve a significant risk of loss. It is not fit for all investors and you should make sure you realize the risks involved, seeking independent advice if necessary.
Solid ECN Securities and it affiliates don't accept applications from Indonesia, Egypt, Australia, Bonaire, CuraƧao, East Timor, Liberia, Saipan, Russia, Sint Eustatius, Tahiti, Turkey, Guinea-Bissau, South Sudan and other restricted countries.
Copyright All Right Reserved 2022