XAGUSD H1 | Bullish bounce off overlap support
Title
XAGUSD H1 | Bullish bounce off overlap support
Type
Bullish bounce
Preference
The price is falling towards the pivot at 79.13, an overlap support. A bounce from this level could lead the price toward the 1st resistance level at 86.05, an overlap resistance.
Alternative Scenario
If the price breaks below the pivot, it could fall to the 1st support at 75.27, a pullback support that aligns with the 127.2% Fibonacci extension and the 61.8% Fibonacci projection.
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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.