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The XBR rate has almost reached the resistance level, which can be considered passed due to the consolidation in this price range. This consolidation had some breakthroughs but its level from April 2017 was kept at almost USD 57 and fell sharply to around USD 47.
At the moment, if the market is as repetitive as it claims to be, our support level of $ 47 should stay the same, and cause the expected rebound to last year’s target. The current correction has a technical basis, and its scope would be confirmed by the designated Over Balance (the largest correction in the last trend move).
Local Over Balance also makes sense, which finds its support at the level indicated below.
