XECUSD Approaching the 1W MA50 for the first time in history

Ecash (XECUSD) broke today above the 1D MA200 (orange trend-line) for the first time since October 08 2022 and is about to hit the 1W MA50 (red trend-line) for the first time in its history!

This is a major Resistance cluster and with the 1D MACD in similar extremely overbought levels as the April 02 High, we expect a pull-back and retest of the 1D MA200 as a support, in similar manner as the 1D MA50 (blue trend-line) was tested on January 17.

You see how well the Fibonacci Channel extensions fit the price action of XEC and as a result our next target is on the 2.5 Fib at 0.000059.

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