Market Overview
Although the price trades in bearish structure on intraday time frame on m15, h1, h4 and 1d. Meanwhile the m15 structure remains bearish. As long as the price holds the 70.21370 on m15 time frame. On the other hand the h1 structure remains bullish until the price holds 65.51047 . In addition the h4 time frame remains in the favors of the sellers, as the price holds the last resistance at 82.54910. Moreover, the daily time frame remains bearish, as long as the price trades below 121.85444
Weekly Chart
Key Weekly Levels
Major Resistance
1D 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
Pending Supply Zone
Higher Time Frame Resistance Area
H1 Resistance
Although the price trades in bullish structure. Meanwhile the price hasn’t established any fresh resistance on h1. A break below 65.53109, could confirm the character shift and expose the fresh resistance at 73.80440. Therefore awaiting for character shift.
M15 Resistance
70.06327 – 70.43684
Pending Supply Area
Short Term Intraday Resistance Zone
Major Support
50.00108 – 48.65631
1D Support
62.68831 – 62.12058
H4\H1 Support
Market Structure Outlook
The price favors the sellers on the 1d and h4 time frame. Until 121.71558 remains intact on daily time frame. A break above 121.71558 on daily time frame, could confirm the character shift towards the bullish side, could expose the fresh support.
Weekly Trading Scenario
The sellers are dominating the price on 1d, h4 and h1 time frame, as the price holds the resistance 121.71558 at 1d. On the other hand, a decisive close above 82.54910 on h4 , may confirm the change of character, while forming the fresh support at 79.17915. Meanwhile the h1 remains bullish, as the price holds 65.53097. As the result, if price closes below 65.53097 on h1, the price could confirm the character shift, while establishing the fresh resistance at 73.82598 . On m15, a break above 70.43684, could establish the change of character, while establishing the fresh support at 68.63778
Bullish Scenario
If price closes above 121.71558 on daily time frame.
Bearish Scenario
As long as the price holds
As long as the price holds 1.20831 on daily time frame, the structure remains bearish.
Key Takeways
Higher timeframe bias:
Bearish
Major resistance:
82.47237 – 82.54910
Major support:
50.00108 – 48.65631
This XAGUSD weekly forecast focuses on key resistance & support zones that traders should focus during the whole week. 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.