By IFCMarkets

Technical setup is bullish for XPTUSD

On the daily timeframe the XPTUSD: D1 has has hit all-time high above rising 200-day moving average MA(200).

We believe the bullish momentum will resume after the price breaches above the upper boundary of Donchian channel at 1038.76. A level above this can be used as an entry point for placing a pending order to buy. The stop loss can be placed below last fractal low at 945.13. After placing the order, the stop loss is to be moved every day to the next fractal low, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level (945.13) without reaching the order (1038.76), we recommend cancelling the order: the market has undergone internal changes which were not taken into account.

Market Analysis provided by IFCMarkets