XTIUSD

For months now you may have noticed the inconsistent movement of the XTIUSD pair. The pair has been ranging for a very long time now. We’ve seen price range in between levels 41.58 and 36.81 .Now with price action currently trading at 39.30 .Because the XTIUSD falls short we wonder whether price will find support at this level or move past it?

XTIUSD H4 Chart 26 October 2020
XTIUSD H4 Chart 26 October 2020

Looking at the chart you will notice that if level 39.30 is broken. Then level 36.81 will be exposed .We wonder if price will find support at this level before moving bullish or will price break past it and continue its bearish movement. Level 36.81 could serve as a possible strong support level due to previous price action failing to move past it. We see price find support at that level on four different occasions.

XTIUSD Daily Chart 26 October 2020
XTIUSD Daily Chart 26 October 2020

Our take on this form of price action is simple. We believe that if the XTIUSD falls short and does find support at any level this will be a good indicator to buy. Why, because price could be cheaper and we could trade the pair to its 2020 higher high. Thus, presenting an opportunity to for bullish traders to make a bargain entry on the pair.

NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read the risk warning before deciding to trade the markets.

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