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USD/JPY: upward momentum maintains 20 September 2019, 14:15

USD/JPY: upward momentum maintains 20 September 2019, 14:15 Scenario Timeframe Weekly Recommendation BUY Entry Point 1...

Sep 11, 2019

XAG/USD: silver prices consolidate 11 September 2019, 09:40


Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 18.35
Take Profit 19.00, 19.25
Stop Loss 18.00
Key Levels 17.21, 17.48, 17.75, 18.00, 18.31, 18.62, 19.00, 19.25
Alternative scenario
Recommendation SELL STOP
Entry Point 17.70
Take Profit 17.00, 16.82
Stop Loss 18.10, 18.20
Key Levels 17.21, 17.48, 17.75, 18.00, 18.31, 18.62, 19.00, 19.25
Current trend
Yesterday, silver prices fell, renewing local lows of August 27, due to moderate growth of USD in the market, as well as an increase in demand for risky assets. However, by the end of the daily session, the instrument managed to regain its losses, and today during the Asian session, the price is growing moderately.
Investors are awaiting the outcome of the ECB meeting, which will be held next Thursday. Under the pressure of poor macroeconomic statistics, the European regulator may decide on active actions aimed at stimulating the economy. In particular, a further reduction in the deposit rate is forecasted, as well as a possible launch of a quantitative easing program. Also, the ECB meeting will be the first in a cycle. The Fed and Bank of England meetings are scheduled next week. The US regulator is also expected to soften the monetary policy.
Support and resistance
On the daily chart, Bollinger bands grow moderately. The price range narrows, reflecting a sharp change in the trading direction in the short term. MACD falls, keeping a strong sell signal (the histogram is below the signal line). Stochastic reverses upward, being near its highs, which indicates that the development of corrective growth is possible in the short and/or ultra-short term.
It is better to wait for confirmation of the formation of a “bullish” correctional trend in the nearest periods.
Resistance levels: 18.31, 18.62, 19.00, 19.25.
Support levels: 18.00, 17.75, 17.48, 17.21.


Trading tips
Long positions can be opened after the breakout of 18.31 with the target at 19.00 or 19.25. Stop loss – 18.00.
Short positions can be opened after the breakdown of 17.75 with the target at 17.00 or 16.82. Stop loss – 18.10–18.20.
Implementation period: 2–3 days.

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