With the current technical analysis conditions, Palladium against the US Dollar has the potential to continue its strengthening

[Ben Graham]

[XPD/USD]

Although the XPD/USD is currently in a sideways condition, but the position of EMA(50) is still above EMA(200), indicating potential upward movement in the near future.

Key Levels

1. Resistance. 2 : 1512.33

2. Resistance. 1 : 1493.30

3. Pivot : 1470.99

4. Support. 1 : 1451.96

5. Support. 2 : 1429.65

Tactical Scenario:

Positive Reaction Zone: If XPD/USD breaks above 1493.30, it may continue to strengthen up to 1512.33.

Momentum Extension Bias: If 1512.33 is broken, there is potential to test the level at 1534.64.

Invalidation Level / Bias Revision:

The upside bias weakens if the price of XPD/USD declines and closes below 1429.65.

Technical Summary:

EMA(50) : 1471.95

EMA(200): 1465.88

RSI(14) : 49.01

Economic News Release Agenda :

Tonight from the U.S. session, there are no economic data are scheduled to released

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