The market is moving in a downward direction within the yellow channel. After the price rebound from the lower bound of this channel, we saw a rapid upward movement, the purpose of which, apparently, is the upper yellow bound.
Given that the price has gone above the moving average line, it can be assumed that the bulls will have enough strength to reach the resistance level of 18.145, which is on the upper yellow bound. However, if we see a breakdown below the moving average near the support level of 17.480, the price will follow an alternative scenario. In this case, we will see a decline to the support level of 16.436, which is on the lower yellow wall.
[button link=”https://app.simplefx.com/login” size=”medium” target=”new” text_color=”#eeeeee” color=”#df4444″]SELL XAGUSD[/button] [button link=”https://app.simplefx.com/login” size=”medium” target=”new” text_color=”#eeeeee” color=”#3cc195″]BUY XAGUSD[/button]