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16.04.202118:10 Forex Analysis & Reviews: Short-term view on XRP/USD for April 16, 2021

XRP/USD earlier today broke down below our first trend line support and reached our first horizontal support area and first pull back target area of $1.50-$1.30. With a low at $1.41 and having reached the 38% Fibonacci retracement level of the breakout move, there are increased chances that we will not see a deeper pull back.

Exchange Rates 16.04.2021 analysis

Red rectangles - horizontal support areas

Red lines - Fibonacci retracements

Green lines - triangle pattern (broken)

Blue line- second trend line support

XRP/USD is testing the second blue trend line support and the first horizontal support area. Price has reached already the 38% Fibonacci retracement. The minimum pull back it could do after such a sharp rise from the triangle break out at $0.55 has been achieved. Resistance is at $1.80-$1.84. As long as price is below this level we could see another move lower toward $1.10. Today's low at $1.41 is important short-term support. There are signs that price is bouncing and the correction might be over. However confirmation will come only with the break above the green resistance area. Short-term traders could try new long positions with $1.40 as stop, because a break below $1.40 will most probably lead to $1.10. Longer-term view remains bullish XRP/USD and any pull back is considered a buying opportunity as long as price is above $0.55.

*El análisis de mercado publicado aquí tiene la finalidad de incrementar su conocimiento, más no darle instrucciones para realizar una operación.

Alexandros Yfantis,
Experto Analítico
Grupo InstaForex © 2007-2021
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