XPDUSD's daily close yesterday has confirmed my trade analysis with the ascending channel of the metal commodity. With temporary supports just ahead, will this metal commodity continue its decline to the bottom of the ascending channel?
Whilst looking up at my trades -- and the technical outlooks -- of the market beforehand the NFP, several of them suggested a further decline on the Dollar. Meaning, bad NFP number; an increase on the annual wage growth would then be the only data that could save data. But no... NFP sealed the fate of Dollar. Beforehand the actual release of the data, I entered...
Palladium Trading around 795-796. If its hold above 785 which is strong support we can see it around 820 if hold on daily below 784 then it can go toward 765-768. till above 785 a jump is expected
Palladium did a nice bounce off her trendline again. (previous idea posted) - Now, the indicators all say we're in for some downward/sideways motion, so there is some risk that she may break that trendline but she has seemed to hold so far. So I am holding and buying the dip :)
Looks like a pretty good confirmation on Palladium it went up and bounced off the 805 level again, that seems to be a pretty tough barrier to cross. However, it went up and came back down to rest still above the 9 day MA and I am still bullish on Palladium unless it decides to break and close under the 760 level. The RSI is above 50 and though pointed down looks...
Palladium seems to have made a good bounce off an upward trend line I've got tracking since December 2016. Next target will be 810 - I am planning on stacking and holding long term. Palladium along with the other precious metals should do well this year. :) For more signals and analysis check out the FB page :)
Palladium has broken out of a monthly downtrend and is in a strong up trend. However, this move can end anytime. Potential targets could be the 1.272 and 1.618 FE. Following a consolidation, it should give another move up.