Market Overview
Although the price may continue to trade in bearish price structure on 1d, h4 h1 and m15. Meanwhile, the price hasn’t established any fresh supply zone on any time frame. In addition, a decisive close below 69.57811, may confirm the fresh supply zone on m15, h1 and h4 time frame. Moreover, if price looses below 61.09314 on 1d, would establish the fresh resistance at 74.92913 on 1d
Weekly Chart
Key Weekly Levels
Major Resistance
1D Resistance
As the price hasn’t established any fresh resistance on 1 day time frame. Meanwhile a close below 74.92913 on 1d, may confirm the fresh supply zone.
H4 Resistance
75.13780 – 75.62755
H1 Resistance
75.13780 – 75.62755
M15 Resistance
The price hasn’t formed any fresh supply zone at m15. Therefore, a close below 69.57811 on m15, may indicate the formation of fresh supply zone at 72.95381 on m15.
Major Support
1D Support
50.00108 – 48.65631
H4 Support
60.65684 – 60.12514
H1 Support
60.31051 – 60.10334
M15 Support
66.54184 – 66.37696
Market Structure Outlook
Although the price may continue the downside momentum, as the price trades below the key resistance zone 121.72638 on 1d. On the other hand, m15 and h1 may extend its bearish structure, as long as the price trades below key supply zone at 76.40772 on h1 and m15. Therefore, a close below 61.09314 on 1d, would confirm the continuation of bearish structure while establishing the fresh supply zone at 74.95452 – 76.40772 on 1d. In addition, a break below 69.57811 on h4 may indicate the carrying on the bearish price structure, forming the fresh resistance at 72.36611 – 73.11651 on h4
Weekly Trading Scenario
Although the higher time frame favors the sellers on 1d, as the price holds the resistance 121.72638 at 1d. Therefore, a break above 76.40772 on h4 , would confirm the change of character, while establishing the fresh support at 75.62755 – 75.13780 on h4 time frame. Meanwhile the h1 and m15 trades in downside structure, as the price holds 76.40772 on h1 and m15. As the result, reclaiming the 76.40772 on h1 and m15, the price may validate the character shift, may set up the fresh demand at 75.13780 – 75.62755 at h1 and on m15 75.85593 – 75.72720 .
Bullish Scenario
Reclaiming 121.72638 on 1d time frame.
Bearish Scenario
A break below 61.09314 on 1d
Key Takeways
Higher timeframe bias: Bearish
Major Resistance: 75.13780 – 75.62755
Major Support: 50.00108 – 48.65631
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.