XNGUSD: Head and Shoulders

XNGUSD, Daily

In the Daily timeframe, XNGUSD has formed a head and shoulders pattern. The price fell below the neckline and the MA50 is ready to cross the MA200, forming a Golden Cross and now we can see that the bears are dominating!

We consider selling XNGUSD on a fall below 3,000 with targets to 2,700 and 2,570.

Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Egor Schmidt