Published On: Fri, Mar 10th, 2017

XAG/USD: general analysis

InstaForex

Current trend

This week silver is falling against the rapidly growing USD. Yesterday it crossed the key level of 50% Fibonacci (17.05) from the last upward range. The pair is moving to the next key zone of 16.30-16.70 (the upper border of the daily channel).

Today the list of significant data, which can affect the USD, is expected: the Nonfarm Payrolls and February Unemployment data, which are expected to be positive. If the forecast comes true, the trend will continue and the dynamics will strengthen.

Support and resistance

Support levels: 16.70, 16.30, 15.60.

Resistance levels: 17.05, 17.40, 17.75, 18.10.

Trading scenario

Sell the pair at the current price with the target at 16.70, 16.30 and stop loss at 17.00.

Buy the pair at the level of 17.05 with the target at 17.40, 17.75 and stop loss at 16.75.

Forex Analysis

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>