Every week we are looking at which currency pairs are moving and trending. What is worth following right now? We like to name these currency pairs “the star of the week“.
This time we are giving you a technical analysis for a currency pair that we really want to look at, the XAGUSD. We will definitely watch this pair very carefully for the next few days.
Are you trading XAGUSD?
Why I think XAGUSD will be the star of the week
A quick look at the XAGUSD currency pair
MONTHLY this pair has made a good size movement up of 1,596 pips and retraced down and in consolidation. The rsi has left the sell zone and is headed to the buy zone indicating some down movement to come. However this pair should not travel far before it turns and heads back up to the .382 at 28.115 giving 330 pips. If it continues to the .618 at 34.247 this would give 920 pips.
DAILY this pair has been ranging between 27.384 and 22.510. It is sitting just under the .382 at 25.863. The rsi is under the sell zone indicating further up movement to come from this pair, however it should not be more then reaching back to the .382 at 25.863 giving 57 pips. Once the rsi reaches the sell zone, this pair should move down to the bottom of the range which should give 295 pips.
HOURLY had a sizeable move down, crossed the .382 at 25.232 and retraced back up. The rsi is in the buy zone, however does not look ready to start climbing back up to the sell zone yet. Confirmation of this pair moving back up is needed before placing a buy trade in this zone.
NZD USD in the news
NZD/USD has been trading on a bullish trend since the middle of March,when this pair came back from the dead, following the big crash from the coronavirus outbreak. This forex pair made a strong reversal during the second half of that month and after some slight upward momentum during April and May, the momentum picked up pace in June.FX Leaders think that MAs Keeping NZD/USD Bullish Again This Week
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Was this article helpful for you? What do you think of the USD MXN and EUR JPY currency pairs? I often use Pivot points in my analysis. I have already written an article where I explained in detail how target trading works.
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