Palladium has the potential to strengthen itself against the US dollar today

[Ben Graham]

[Palladium vs USD]

With the appearance of a Hidden Bullish Divergence on RSI(14), which is also in the Neutral-Bullish level, XPD/USD has the opportunity to strengthen toward its nearest resistance level, even though both EMAs have not yet formed a Golden Cross.

Key Levels

1. Resistance. 2 : 1812.63

2. Resistance. 1 : 1773.30

3. Pivot : 1717.00

4. Support. 1 : 1677.67

5. Support. 2 : 1621.37

Tactical Scenario

Positive Reaction Zone: If the price strengthens above 1773.30, the advance may continue toward 1812.63.

Momentum Extension Bias: If 1812.63 is broken, XPD/USD could extend its gains toward 1868.93.

Invalidation Level / Bias Revision

The upside bias weakens if XPD/USD falls below 1621.37.

Technical Summary

EMA(50) : 1713.71

EMA(200): 1718.37

RSI(14) : 54.13 + Hidden Bullish Divergent

Economic News Release Agenda:

From the United States the following economic data will be released:

US - ADP Weekly Employment Change - Tentative

US - Core Retail Sales m/m - 20:30 WIB

US - Retail Sales m/m - 20:30 WIB

US - Employment Cost Index q/q - 20:30 WIB

US - Import Prices m/m - 20:30 WIB

US - Business Inventories m/m - 22:00 WIB

US - API Weekly Statistical Bulletin - 04:30 WIB

The material has been provided by InstaForex Company - www.instaforex.com