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.
​

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.​

 

[Solid ECN]

EUR/USD Analysis​

Solid ECN—The EUR/USD 4-hour chart reveals a strong uptrend within a well-defined ascending channel. The price is currently trading near the upper boundary of this channel, suggesting that upward momentum is being maintained.
​

Bullish Scenario:​

If the pair continues to respect the ascending channel and the bullish indicators hold, the next immediate target could be the recent high around 1.089. A breakout above this level could see the pair testing the psychological resistance at 1.0900 and potentially extending towards 1.0930.
​

Bearish Scenario:​

Should the pair fail to maintain the current momentum and break below the lower boundary of the ascending channel, immediate support is expected around the 38.2% Fibonacci retracement level at 1.08. A further decline could be seen in the pair testing the 50% retracement level at approximately 1.07.​

 

[Solid ECN]

GBP/USD Bullish Momentum: Key Levels to Watch​

Solid ECN – The GBP/USD daily chart reveals a recent uptrend within a well-defined ascending channel, indicating bullish momentum. Currently, the price is testing a key resistance level (1.27), which will be critical in determining the next direction.

RSI (14)​

The Relative Strength Index (RSI) is at 64.99, suggesting bullish momentum. Although it is approaching overbought territory, it still has room to rise before a potential reversal.

Awesome Oscillator (AO):​

The Awesome Oscillator shows increasing green bars, indicating strengthening bullish momentum. This positive momentum supports the potential for further upward movement.

Resistance Levels​

1.270: The immediate resistance level, which the price is currently testing.
1.280: Next significant resistance level.

Support Levels​

1.264: Immediate support level within the ascending channel.
1.259: Lower boundary of the ascending channel and a previous support level.

Bullish Scenario​

If the pair breaks above the immediate resistance at 1.270, the next target would be the resistance 1.280. Sustained bullish momentum could see the pair aiming for 1.28 and potentially higher levels towards 1.289. The ascending channel supports this outlook, indicating the trend may continue upward if the price remains within the channel.

Bearish Scenario​

If the pair fails to break the resistance at 1.2708 and falls below the immediate support at 1.264, we could see a decline towards the lower boundary of the ascending channel at 1.259. A breakdown below this level could target further support of around 1.2400.

 

[Solid ECN]

GBP/USD Bullish Trend Faces Overbought Signals​

Solid ECN – The GBP/USD pair is trading at about 1.27, above the 61.8% Fibonacci retracement level in today's session. The RSI indicator is at 67.2, suggesting strong bullish momentum and approaching overbought territory. On the other hand, the recent bars of the Awesome Oscillator are smaller, indicating the uptrend is weakening.

From a technical standpoint, the primary trend is bullish, but the RSI signals that the pair might be overbought. Therefore, waiting for the GBP/USD to consolidate near the 50-day EMA would provide a better entry point than going long on the pair at the current price.

Conversely, the bullish trend would be invalidated if the price dips below the 50-day EMA at 1.263.​

 

[Solid ECN]

USD/JPY Eyes Key Resistance Levels!​

Solid ECN – The USD/JPY pair trades within a bullish channel and above the EMA 50 and Ichimoku cloud. The pair trades around 156.4 when writing, facing immediate resistance at 156.56.

The primary trend is bullish. If the bulls break out from the immediate resistance at 156.56, the uptrend that began at 153.6 could target 157.9, which aligns with the flag's upper line.

Conversely, 155.26 is the immediate support. If the USD/JPY price dips below this support, the downtrend could likely extend to the ascending trendline.​

 

[Solid ECN]

Bitcoin Stability Above $62,918 Signals Bullish Trend​

Solid ECN – Bitcoin's price has stabilized above the 78.6% Fibonacci retracement level at $62,918, aligning with the middle line of the Bollinger Band indicator. The Awesome Oscillator shows red bars, indicating bearish momentum. Meanwhile, the RSI has moved down from the overbought territory, staying above 50, which suggests continued strength.

From a technical standpoint, the primary trend remains bullish. Immediate resistance is found at $70,346. If Bitcoin breaks through the current support, the upward trend could resume, possibly reaching a new target of $73,720.

Conversely, a drop below the immediate support of $69,218 might extend today's consolidation phase toward the 61.8% Fibonacci level at $64,466.​

 

[Solid ECN]

EUR/USD Analysis: Bearish Signals and Key Fibonacci Levels​

Solid ECN – The EUR/USD currency pair broke below the ascending trendline and is trading a bearish flag in today's session at approximately $1.0827. The technical indicators are bearish, with the RSI hovering below the 50 line and the Awesome Oscillator bars red and below the signal line.

The 23.6% Fibonacci level is the immediate resistance. If the price stays below this level, the downtrend could extend to the 38.2% Fibonacci level at $1.082.

Conversely, the primary uptrend will resume if the bulls close and stabilize the price above the immediate support at $1.083. In this case, the first target would be retesting the $1.089 ceiling.​

 

[Solid ECN]

Impact of Fibonacci Levels and EMA on Oil Prices​

Solid ECN—WTI Crude Oil's downtrend has resulted in stabilizing below the 50% Fibonacci level at $77.5. The 50-day EMA is the primary resistance that separates a bear market from a bull market.

The Awesome Oscillator bars have turned red, signaling a continuation of the downtrend. Therefore, from a technical perspective, oil could decline to the next support level at $75.2.

However, the 50-day EMA challenges the bearish market, a barrier reinforced by the descending trendline and the 38.2% Fibonacci level. Should the price rise above the primary resistance, the bearish outlook will be invalidated accordingly.​

 

[Solid ECN]

Silver Bullish Momentum Resumes Above Key Resistance Level​

Solid ECN—The Silver price bounced from the 38.2% Fibonacci retracement level at $30. As of this writing, XAG/USD is trading at about $30.5, stabilizing momentum above EMA 50 and the Ichimoku cloud. The RSI (14) value is rising at 46, supporting the primary bullish trend.

From a technical standpoint, if XAG/USD remains above the primary resistance at $30, the uptrend will likely resume, with an initial target of $30.9.

Conversely, the downtrend at $32.5 could dip to the 50% Fibonacci retracement level if the U.S. Dollar pushes Silver prices below the immediate support at $30.​

 

[Solid ECN]

EURUSD's Bearish Flag and Potential Reversals​

Solid ECN—The EURUSD currency pair trades in a bearish flag near the upper band. At the time of writing, the bears are keeping the price below the 50% Fibonacci level at $1.084. Interestingly, the 4-hour chart has formed an inverted hammer, suggesting that the downtrend may resume.

The technical indicators suggest a neutral market, with awesome oscillator bars small and clinging to the zero line and the RSI indicator moving sideways alongside the 50 line.

From a technical standpoint, the immediate support is the 61.8% Fibonacci retracement level at 1.086. If the exchange rate remains below this level, the downtrend that began in May is likely to extend with an initial target at the middle Bollinger band, followed by the 23.6% Fibonacci level at $1.082.

Conversely, if the bulls close and stabilize the price above the immediate support at 1.086, the bullish wave that began last week could target the 78.6% Fibonacci at 1.087, followed by the May all-time high at 1.089.​

 

[Solid ECN]

Will AUD/USD Break Out? Key Levels to Watch​

Solid ECN —AUD/USD resumed its uptrend after hitting the ascending trendline at $0.659. As of writing, the pair is trading inside the symmetrical triangle, testing the upper line at $0.664.

The technical indicators suggest a resumption of the uptrend. Therefore, if the bulls manage to close and stabilize the price above the immediate resistance at $0.664, the next bullish target could be $0.668.

On the flip side, if the price remains inside the wedge pattern, it will likely float sideways to the apex, targeting the ascending trendline again.​

 

[Solid ECN]

EUR/USD Analysis: Bullish Flag Pattern Insights​

Solid ECN—The EUR/USD currency pair trades in a bullish flag pattern, stabilizing above the 78.6% Fibonacci level at $1.08. The technical indicators are bullish. The RSI (14) value at 65 indicates some room left before becoming oversold, suggesting that the bullish momentum will likely continue.

From a technical standpoint, the uptrend is expected to persist as long as the EUR/USD trades above the ascending trendline and the 61.7% Fibonacci level at $1.086. In this scenario, the next target will be $1.089.

Conversely, if the price dips below $1.086, the 50% Fibonacci level at $1.084 will be the next support. If the price falls below $1.084, the bullish outlook should be invalidated, and the trend would likely shift from a bull market to a bear market.​

 

[Solid ECN]

Silver Analysis​

The silver price became overbought after the bulls hit the $31 high. Subsequently, the chart formed a long-wick bearish candlestick pattern, which led to the price entering a consolidation phase. As of writing, the pair is testing the Ichimoku cloud as support, maintaining its position above the 25-day simple moving average.

From a technical standpoint, the primary trend is bullish, and the 23.6% Fibonacci level offers a decent opportunity to join the bull market. Another option to join the bullish market is to wait for a breakout above the immediate resistance at $31.8. If this scenario continues, the next bullish target will be $32.5.

Conversely, the bullish outlook should be canceled if the silver price dips below the 25-day SMA. In this case, the dip that began today could extend to the 38.2% Fibonacci level at $30.​

 

[Solid ECN]

Pound Sterling Soars: Technical Analysis of GBP/USD​

Solid ECN—The GBP/USD currency pair broke above the 1.276 immediate resistance in today's trading session. This development in the pound sterling drove the relative strength index indicator into the overbought area, signifying that the market might reverse or initiate a consolidation phase.

From a technical standpoint, the road to 1.28 is paved, but for the bulls to achieve this target, the price must maintain its position above the ascending trendline.

The bullish outlook will be invalidated if the GBP/USD price drops below the ascending trendline. 1.267 is the next support level in this scenario, followed by 1.263.​

 

[Solid ECN]

GBP/USD Tests Key Support Amid Divergence Signals​

The GBP/USD currency pair dipped from the 1.280 high today and is currently testing the $1.275 immediate support. This support level is reinforced by the middle band of the Bollinger Bands and the May 22 high.​

• The Awesome Oscillator signals divergence, indicating a potential trend reversal or consolidation.​
• The RSI indicator reads 56, approaching the 50 line, suggesting that the upward momentum is weakening.​

From a technical standpoint, while indicators suggest a bearish trend might be imminent, the price remains above the ascending trendline. For the primary bullish trend to continue, the price must maintain its position above this trendline. If this occurs, the bulls' first target is 1.280, and with increased buying pressure, the price could move towards $1.289.

Conversely, if the GBP/USD price falls below the immediate support at 1.274, it will likely test the 1.267 support, followed by the $1.263 level.​

 

[Solid ECN]

GBP/USD Testing Key Resistance Levels​

Solid ECN—The GBP/USD price bounced from the $1.267 support and is testing the $1.274 resistance. The RSI value is 53, above the median line, and the awesome oscillator bars are below zero, but the colors have turned green, and the value is on the rise. These developments in the technical indicators suggest that the trend might resume its bullish momentum.

Immediate resistance is at $1.274. For the bull market to resume, the GBP/USD must cross above this barrier. If this scenario comes into play, the road to retest the $1.280 resistance will be paved.

On the flip side, a failure to overcome the $1.274 barrier will likely result in the price declining, testing the immediate support at $1.267. If the selling pressure exceeds this level, the next bearish target could be $1.263.​