Title
XAGUSD H4 | Bullish Bounce-Off
Type
Bullish Reversal
Preference:
The price is approaching the pivot level at 33.37, a pullback support. A bounce from this level could lead the price toward the 1st resistance at 34.24, a pullback resistance that aligns close to the 127.2% Fibonacci extension
Alternative Scenario:
If price breaks below the pivot, it could fall toward the 1st support at 32.67, an overlap support.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.