Solid News

The ADA/USD pair continues to trade within the framework of a short-term downtrend and this week reached the minimum annual values in the area of 0.3530. A further decline in quotations is possible to the levels of 0.3173 (Murray [-2/8] for H4) and 0.2900.

The key for the "bulls" is the 0.3906 mark (Murray [8/8]), when consolidated above which the price will return to the framework of the main Murray trading range and will be able to rise to the levels of 0.4150 (Murray [1/8], the middle line of the Bollinger Bands) and 0.4395 (Murray [2/8], the upper limit of the descending channel).

Technical indicators signal the continuation of the downward trend: the Bollinger Bands and the Stochastic are reversing downwards, the MACD histogram is increasing in the negative zone, the price going beyond the lower Bollinger Band does not exclude a corrective growth, but its potential is seen to be limited.     

Resistance levels: 0.3906, 0.4150, 0.4395. | Support levels: 0.3173, 0.2900.