Palladium is on a Tear — Due for a Pullback?

The Hourly View for Palladium

  • Currently, XPDUSD’s price is up $3.33 (0.13%) from the hour prior.
  • This is a reversal of the price action on the previous hour, in which price moved down.
  • As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Palladium. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them with price now being above it. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Palladium’s hourly price chart is shown below.

XPDUSD

The Daily View for Palladium

  • At the time of this writing, XPDUSD’s price is down $-7.8 (-0.3%) from the day prior.
  • Palladium has seen its price go down 4 out of the past 5 days, thus creating some compelling opportunities for bears.
  • As for the trend on the daily timeframe, we see the clearest trend on the 50 day timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Palladium. Given that we see an uptrend on the 20 and 10 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • The moving averages on the daily timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Below is a daily price chart of Palladium.

XPDUSD