Looking at the wicks where price has on the daily chart, it looks as if price has rejected that point and wants to go down. However, decides to go up and break resistance, you should expect some kind of impulse.
XPDUSD big return. The price of palladium had built a correction channel that slowed down to 840usd. This level is probable to the bottom of the decreasing correction ABC wave structure. If our theory is correct, it may be a slightly flat but very long-lasting rise. The third wave of wave structure rising from 462usd. The target price is 1405usd.
Palladium long. The exchange rate reached the bottom of the correction. This level is 900 usd. The figure shows that XPDUSD corrects in a double wave structure. Then this is followed by a steep rise. The structure of the dual waves of the last weeks is distant. Especially due to the decreasing ATR speed. Therefore, the further increase may be half as much as the ...
Palladium has come into a strong support level and looking to be bouncing from the support, looking for entries on lower timeframes. Target short term into resistance of 960.00 where you could look for a reversal back into the higher timeframe trend.
xpdusd pulling up .
this is a great time to put a buy stop in place as we think it will keep going up for weeks and months to come .
we will keep eyes on it and move our TS or close the trade with a good R/R lateran.
stay tuned ! :)
An engulfing candle whilst oversold and above the 50 sma indicates price may make new lows. Forming on weekly resistance as well as a 61.8 retracement adds more confluence to this trade. I am targeting price to move back to Monthly support which is also a -38.2 retracement.