Market Overview
Although the price trades in bearish price structure on on h4 and 1d. Meanwhile the m15 and h1 intraday time frames shifted its structure, while closing above 70.37826 on h1. As a result the h1 and m15 structure remains bullish, as long as the price holds the 67.54186 on m15 and h1 time frame. On the other hand the h4 structure remains bearish until the price holds 74.54758 . In addition the 1d time frame remains in the favors of the sellers, as the price holds the last resistance at 121.72638.
Weekly Chart
Key Weekly Levels
Major Resistance
Although the price trades in bearish structure on daily time frame. Therefore the price hasn’t established any fresh resistance on daily time frame. Meanwhile awaiting for the new structure.
H4 Resistance
82.47237 – 82.54910
H1 Resistance
76.44824 – 76.69425
M15 Resistance
76.44824 – 76.69425
Major Support
1D Support
50.00108 – 48.65631
H4 Support
60.65684 – 60.12514
H1 Support
67.83760 – 67.52898
M15 Support
67.76403 – 67.53680
Market Structure Outlook
Although the price is likely to continue the bearish structure on 1d and h4 time frame, as the price trades below the key resistance zone 121.72638. On the other hand, m15 and h1 may continue its bullish structure, as long as the price trades above key support zone at 67.53680 at h1 and m15. In addition, if price price closes below 61.15598 on 1d, may indicate the continuation of bearish structure while forming the fresh resistance at 71.50495 – 74.58175 on 1d. Moreover, a close below 61.03689 on h4 would confirm the continuation of bearish price structure, establishing the fresh resistance at 73.75325 – 74.57073 on h4
Weekly Trading Scenario
The sellers are dominating the price on 1d and h4 time frame, as the price holds the resistance 121.72638 at 1d. In addition, a decisive close above 74.58101 on h4 , may confirm the change of character, while forming the fresh support at 67.37719 – 65.52808. Meanwhile the h1 and m15 remains bullish, as the price holds 67.52898 on h1 and m15. As the result, if price closes below 67.52898 on h1 and m15, the price could confirm the character shift, while establishing the fresh resistance at 69.67390 – 70.37826 at h1 and on m15 70.55127 – 70.37826 .
Bullish Scenario
A close above 121.72638 on 1d time frame.
Bearish Scenario
If price price closes below 61.15598 on 1d
Key Takeways
Higher timeframe bias: Bearish
Major resistance:
82.47237 – 82.54910
Major support:
67.83760 – 67.52898
Although this XAGUSD weekly forecast focuses on key resistance & support zones that traders should focus during the whole week. Therefore always wait for the confirmation’s before entering the trade and manage the risk properly.
Disclaimer
Although this analysis is for educational and informational purposes only. Therefore it does not constitute financial advice. However always manage your risk and trade responsibly.