Title
XAGUSD H1 | Potential bullish bounce off
Type
Bullish bounce
Preference:
The price has bounced off the pivot at 47.53, which is a pullback support that is slightly above the 50% Fibonacci retracement. A rise from this level could lead the price toward the 1st resistance at 48.67, a multi-swing high resistance.
Alternative Scenario:
If the price breaks below the pivot, it could fall to the 1st support at 46.90, which is a pullback support that aligns with the 61.8% Fibonacci retracement.
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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.