• June 26, 2024
  • Trade ideas

XNGUSD: Double-Top Pattern

XNGUSD, H4

XNGUSDH4.png

On the H4, XNGUSD formed a double-top pattern in a long-term uptrend. The price fell to the neckline, testing the critical support and MA200. Despite the bearish pattern, the overall trend is bullish, so it is vital to consider two scenarios.

  • If the price breaks the support at 2.800 and MA200, the bearish scenario will start up to 2.570;
  • However, if XNGUSD bounces off the support, it will rise to 3.020;
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Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Egor Schmidt