USDIDX
Let’s start our analysis from the USD index chart (USDIDX). One can notice on the D1 interval, we can see that the index continues to move lower following an earlier break below the lower limit of a market geometry and the upward trendline. Nevertheless sellers struggle to break below key support zone in the 105.00 area, which is marked with 38.2% retracement of the upward move launched at the beginning of 2021 as well as previous price reactions and 200-session moving average.
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile app
USDIDX, D1 interval. Source: xStation5
BITCOIN
Taking a look at the Bitcoin chart at the H4 interval, we can see that the cryptocurrency recently bounced off major resistance at $16900, which coincides with 23.6% Fibonacci retracement of the last downward wave and 50 SMA (green line). As long as the price sits below, this level, retest of recent lows at $15500 cannot be ruled out.
BITCOIN, D1 interval. Source: xStation5
SILVER
Last but not least, let’s take a look at the silver market. Taking a look at the precious metal from a broader perspective, one can see that the price bounced off a key long-term resistance at $22,00, which is marked with upper limit of the 1:1 structure and 200 SMA (red line). Such price reactions may signal a potential bigger downward correction. Considering such a scenario, the key support to watch can be found at $20.00, which is marked with previous price reactions. On the other hand, if buyers manage to break above the aforementioned $22,00 resistance the way towards $23.00 will be left open.
SILVER, D1 interval. Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
