XPDUSD Price rebounding at the bottom of the Channel Down.

Palladium (XPDUSD) has been trading within a Channel Down pattern since late June and on Monday the price hit its bottom (Lower Lows trend-line). As the 1D RSI touched the 30.00 oversold barrier on a Lower Lows formation that has previously formed short-term bottoms for Palladium, we expect a rebound towards the 1D MA50 (blue trend-line). The lowest rebound sequence within this period has been +9.00% so a 1185 target perfectly fit those criteria as well as a potential contact with the 1D MA50.

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