FxWirePro: Go Long on XAG/USD at $17.22 With Stop Loss at $17.09 and Target of $17.46

FxWirePro: Go Long on XAG/USD at $17.22 With Stop Loss at $17.09 and Target of $17.46

17 May 2016, 07:48
Roberto Jacobs
0
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FxWirePro: Go Long on XAG/USD at $17.22 With Stop Loss at $17.09 and Target of $17.46

  • XAG/USD is currently trading around $17.24 marks. 
  • It made intraday high at $17.25 and low at $17.08 levels. 
  • Intraday bias remains bullish till the time pair holds key support at $17.09 marks. 
  • On the top side, key resistance is seen at $17.32. A sustained close above it will take the parity up towards $17.46 (May 09, 2016 high) and $17.55 (May 11, high) levels respectively. 
  • Alternatively, a daily close below $17.09 will drag the parity down around $16.97/$16.88 (20D, 30D and 55D EMA cross over) /$16.85 levels respectively. 
  • Later today, U.S. will release CPI data. This will provide further direction to the parity. 

We prefer to take long position in XAG/USD around $17.22, stop loss $17.09 and target $17.46 marks.

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