Current trend
On Wednesday the pair XAG/USD reduced in view of the release of positive statistics for USD: Markit services PMI amounted to 55.3 points which was higher than expected (55.1 points) and ISM services PMI also exceeded expectations and made up 59.8 points against 55.5. Strong ADP data on the level of employment in the private sector also had a positive impact on the rate of the US currency: employment change rate in the USA made up 135K which is 10K higher than the forecast. The growth of the indicator has a positive influence on the consumption stimulating the economy of the country.
Today traders have to pay attention to the release of the data on changes in nonfarm payrolls in the USA as well as statements by the members of the US FOMC D. Powell and P. Harris.
Support and resistance
On the H4 chart the downward trend remains in force. The instrument is moving in the narrow corridor formed by the borders of Bollinger Bands. MACD histogram is below the signal line keeping the signal for the opening of short positions.
Support levels: 16.50, 16.00.
Resistance levels: 16.65, 16.75, 16.85, 17.00.
Trading tips
Sell orders may be opened from the current price with target at 16.20 and stop-loss at 16.75. The period of implementation is 1-3 days.
Long positions may be opened from 16.85 with target at 17.20 and stop-loss at 16.65. The period of implementation is 3-5 days.
On Wednesday the pair XAG/USD reduced in view of the release of positive statistics for USD: Markit services PMI amounted to 55.3 points which was higher than expected (55.1 points) and ISM services PMI also exceeded expectations and made up 59.8 points against 55.5. Strong ADP data on the level of employment in the private sector also had a positive impact on the rate of the US currency: employment change rate in the USA made up 135K which is 10K higher than the forecast. The growth of the indicator has a positive influence on the consumption stimulating the economy of the country.
Today traders have to pay attention to the release of the data on changes in nonfarm payrolls in the USA as well as statements by the members of the US FOMC D. Powell and P. Harris.
Support and resistance
On the H4 chart the downward trend remains in force. The instrument is moving in the narrow corridor formed by the borders of Bollinger Bands. MACD histogram is below the signal line keeping the signal for the opening of short positions.
Support levels: 16.50, 16.00.
Resistance levels: 16.65, 16.75, 16.85, 17.00.
Trading tips
Sell orders may be opened from the current price with target at 16.20 and stop-loss at 16.75. The period of implementation is 1-3 days.
Long positions may be opened from 16.85 with target at 17.20 and stop-loss at 16.65. The period of implementation is 3-5 days.