XECUSD: Hit the 1W MA50 for the first time in its history.

Jun 30, 2023

XECUSD is testing the 1W MA50 for the first time since its inception, being on the second huge bullish 1W candle in a row. The neutral 1W technicals (RSI = 52.991, MACD = 0.000, ADX = 45.264) indicate that there is significant upside potential left on this move but in order to confirm it, the 1W candle needs to close over the MA50.

Surprisingly, this is where R1 is (0.0000335000), so we will use that break out to buy and target the R2 (TP = 0.0000445000). Take into account the Fibonacci retracement levels as well that can be potential Resistances.

With regards to the 1W RSI, it flashes a huge Bullish Deivergence as it is trading inside a Channel Up since December 26th 2022, the most oversold it has been in history.

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