XAI/USD: technical analysis 01.03.2018

On 4-hour chart, the technical mostly indicators reflect the low trading activity and moderate developing of the current sideway trend.

Bollinger Bands are pointed sideways.

MACD volumes are in the negative zone and are moving along the zero line.

Stochastic’s lines are pointed upward.

XAI/USD went up above the level of 2500.00 (Murray [0/8]) and can grow further to the levels of 2580.00 (middle line of Bollinger Bands).

The breakout will let the price to grow to the area of 2656.25 (Murray [1/8]), which also coincided with the upper line of Bollinger Bands.

The downward trend will be restored after the price is set below the level of 2500.00 (Murray [0/8]).

The breakdown of this level will let XAI/USD fall to the level of 2343.75 (Murray [-1/8]).

Support and resistance

Support levels: 2500.00, 2343.75, 2187.50.

Resistance levels: 2656.25, 2812.50, 2968.75.

Trading recommendations

Short positions can be opened below the level of 2500.00 with the target at around 2343.75 and stop loss 2550.00.

Long positions can be opened above the level of 2580.00 with the target at around 2656.25-2812.50 and stop loss 2530.30.