XNGUSD on the 30-minute chart is accompanied by drawn-in trendlines, a Fibonacci
retracement as well as an anchored VWAP and volume profile. An RSI indicator is also added.
Price hit a recent high of 2.81 on May 19th and then trended down to 2.11. While a 50%
retracement might have been expected ( to 2.46) price only rose to 2.42. I consider this as
showing selling pressure from sellers to be slightly exceeding buying pressure. Short bias
for XNGUSD is confirmed since it is trading below the POC line of the long-term volume profile
and below the anchored mean WVAP which are acting as confluent resistance. The RSI topped
out at 60 during the retracement and has fallen below 50.
Overall, the chart supports a short XNGUSD trade with a stop loss just above VWAP / POC
and the target the trendline of support ( green line ) making for a Reward: Risk of
about 2:1 Any leveraged forex trade would amplify both potential loss and potential
profit.
retracement as well as an anchored VWAP and volume profile. An RSI indicator is also added.
Price hit a recent high of 2.81 on May 19th and then trended down to 2.11. While a 50%
retracement might have been expected ( to 2.46) price only rose to 2.42. I consider this as
showing selling pressure from sellers to be slightly exceeding buying pressure. Short bias
for XNGUSD is confirmed since it is trading below the POC line of the long-term volume profile
and below the anchored mean WVAP which are acting as confluent resistance. The RSI topped
out at 60 during the retracement and has fallen below 50.
Overall, the chart supports a short XNGUSD trade with a stop loss just above VWAP / POC
and the target the trendline of support ( green line ) making for a Reward: Risk of
about 2:1 Any leveraged forex trade would amplify both potential loss and potential
profit.
Comment:
Bull run raging
