Here the consolidation is condemned to break for the common good, as a diversionary sacrifice. Covid cases will act as the catalyst undoubtedly. The question is only and above all when? For those tracking the breakout momentum is much more on the buyers side, clearly defined jurisdictions are on both sides of the map... As a quick cheatsheet: Strong Support...
Palladium has produced a bearish divergence, followed by a possible bullish divergence, yellow fib EMA has been a clear support for some time for this bull run, lets see if it holds again. Currently stuck in between a strong horizontal support.
OANDA:XPDUSD D1: - Overbought on both indicators at the 127% - 141% extension from previous swing low --> high - Fib extension from 1680 (LOW) to 2003 (HIGH) = Current price range @ 121% - 141% (OVERBOUGHT) - Fib retracement from 1680 (LOW) - 2153 (RECENT SWING HIGH) - Gives a estimate entry @ 38% fib.
XPDUSD Palladium long swing trade setup based on pullback to .618 to .786 fib zone. We may get a bounce here off S1 where price is stalling or possible move further to S2 and S3. My entry long at S1 1553.529 today with a SL at S3 1513.582 and TP at R2 1608.117. Not financial advice.