Forex Updates by Solid ECN

[Solid ECN]

Key Technical Levels for Gold Traders​

Solid ECN – Gold has declined from $2,378 against the U.S. dollar on May 10 and is currently trading around $2,340. With technical indicators signaling a bearish trend, the dip is likely to extend to the EMA 50, a level supported by the lower line of the bullish flag.

Given the primary bullish trend, the EMA 50 can provide a good opportunity for traders and investors to join the bull market.

However, if the XAUUSD price dips below the 38.2% Fibonacci level, the downtrend will likely extend to $2,306, followed by the 50% Fibonacci support level.​

 

[Solid ECN]

Forecasting Silver Prices Amidst Technical Signals​

Solid ECN—Silver trades an uptrend above the 50% Fibonacci retracement level. The XAG/USD pair is currently experiencing a pullback from the $28.7 resistance, trading at about $28.3.

Silver's primary trend remains bullish if the price stays above EMA 50 and the 50% Fibonacci level. However, the awesome oscillator shows divergence, which could cause the trend to reverse or step into a consolidation phase.

From a technical standpoint, if the price falls below the ascending trendline, the decline that began at $28.7 can extend to EMA 50 and then to the 38.2% Fibonacci level.

Conversely, bulls must push the market to close above the $28.7 resistance for the uptrend to resume.​

 

[Solid ECN]

GBPUSD Eyes Key Levels as Bulls Gain Momentum​

The GBPUSD currency pair broke out of the descending trendline and the 1.2590 level. The bulls will likely target 1.263 this week, and if this level is breached, the path to 1.2708 will be paved.

If the price dips to 1.2590 support, there is a buying opportunity. This level offers a decent bid to join the bull market. Therefore, traders and investors should monitor this level closely if the price bounces.

The 61.8% Fibonacci level plays a pivotal role between the bear and bull markets. Should this level be breached, the bull market would be invalidated, and the bearish trend beginning from 1.263 will likely continue with the ascending trendline as the initial target.​

 

[Solid ECN]

AUDUSD: Bulls Target 0.676 Amid Bullish Indicators​

Solid ECN—In today's trading session, the AUDUSD broke through the 0.665 resistance, and bulls are working to stabilize the price above this key level.

Technical indicators signal bullish trends, suggesting the uptrend is likely to continue. If the Australian dollar sustains above the 50 EMA, the uptrend could persist, with the next bullish target set at the 0.676 mark.

Conversely, falling below the 50 EMA would invalidate the current bullish technical analysis.​

 

[Solid ECN]

USD/JPY​

The USDJPY traded at about 155.3 in today's trading session, which is inside the wedge pattern on the daily chart. The upper trendline acts as resistance, which the bulls are testing it. % 50 Fibonacci backs this level.

If the price breaks above the descending trendline and maintains momentum, we could see a retest of the immediate resistance at 157.0. A successful breakout above this level could target the next resistance at 158.4.
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Bearish Scenario:​

If the price fails to break above the descending triangle and falls below the ascending trendline, we could see a decline toward the immediate support at 151.8.​