Forex Updates by Solid ECN

[Solid ECN]

USD/JPY Faces Critical $156.5 Resistance​

Solid ECN—The USD/JPY currency pair is testing the $156.5 resistance level. This level is backed by the Ichimoku Cloud and the 50 SMA. Interestingly, the 4-hour chart has formed a hammer candlestick pattern, indicating that the price might bounce from this level. Meanwhile, the technical indicators show a sideways market.

From a technical perspective, USD/JPY is in a bull market. If the price holds above the immediate support at $156.5, it will likely rise to test the immediate resistance at $157.7.

Conversely, if the USD/JPY price dips below the immediate support, the next bearish target could be $155.6.​

 

[Solid ECN]

Will GBP/USD Break Above $1.276?​

Solid ECN—The GBP/USD currency pair trades at about $1.273 in today's trading session, which is below the descending trendline and the $1.276 resistance. The RSI indicator signals a sideways market, but the Awesome Oscillator value is on the rise and about to close above the signal level.

From a technical standpoint, for the uptrend to resume, the bulls must cross above the $1.276 level. If this scenario plays out, the next bullish target will be the $1.280 resistance.

On the flip side, if the price remains below the descending trendline, the price will likely target $1.2681, followed by the lower line of the bearish flag.​

 

[Solid ECN]

EURUSD Analysis​

Solid ECN—The EUR/USD price declined from the $1.088 ceiling, and as of writing, the currency pair trades at about $1.084, testing the May 30 high. The technical indicators give mixed signals. The relative strength index clings to the median line, signaling a low momentum market. Furthermore, the awesome oscillator's recent bar turned red, indicating that bearish momentum may resume.

The immediate resistance is at $1.085. From a technical standpoint, if the EUR/USD price holds below this resistance, the downtrend will likely resume, with the next bearish target at the May 30 low of $1.078.

Conversely, if the bulls cross above the $1.085 immediate resistance, the uptrend that began on May 30 will likely aim to exceed the $1.088 key resistance.​

 

[Masdean]

l reckon the EURUSD to pounds strongers this week. The dollar though should weaken

 

[Solid ECN]

USD/JPY: Price Tests Ascending Trendline​

Solid ECN—The USD/JPY currency pair has declined from $157.7 and is testing the ascending trendline at $154.7. This demand area is in conjunction with the Ichimoku cloud and the April 9 high.

The technical indicators signify a bearish profile.​

• The RSI value is 45, below 50, and declining.​
• The Awesome Oscillator value is 1.04, hovering above the signal line but declining.​

From a technical standpoint, the primary trend is bullish. For the uptrend to resume, the bulls must maintain the price above the ascending trendline and the immediate support of $154.7. If this scenario unfolds, the USD/JPY will likely surge to retest the key resistance level at $157.7.

On the flip side, if the bears close the USD/JPY price below the ascending trendline and the immediate support, the next bearish target will likely be $151.9.​

 

[Solid ECN]

Gold Prices Surge Amid Speculation of Fed Rate Cuts​

Solid ECN—Gold prices climbed to $2,370 per ounce on Thursday, continuing the upward trend from the previous day. This increase came after U.S. economic reports suggested that the Federal Reserve could lower interest rates later this year.

Data from ADP revealed that U.S. private job growth in May was weaker than expected, and figures for the previous month were also adjusted downwards. This points to a slowing, yet still robust, job market.

Consequently, market players expect the Fed to implement two rate cuts this year, with a 70% probability of one occurring in September, according to the CME FedWatch Tool. Investors now look forward to Friday's non-farm payroll figures to further evaluate the U.S. economy and gain insights into the Fed's rate cut plans.

In related news, the Bank of Canada reduced its primary interest rate on Wednesday, marking its first cut in four years, and the European Central Bank is likely to decrease rates later today.​

 

[Solid ECN]

NZD/USD Consolidation Phase Analysis​

Solid ECN—The NZD/USD currency pair trades in a range area between $0.617 immediate support and $0.621 immediate resistance. The technical indicators suggest low momentum in the market, but with a weak bearish bias. Therefore, the currency pair might break below the immediate resistance.

From a technical standpoint, for the uptrend to resume, the bulls must cross and stabilize the price above the $0.621 ceiling.

On the flip side, if the price dips below the immediate support at $0.617, the consolidation phase will likely extend to the key support level at $0.613. This level is backed by the Ichimoku cloud, which makes it a robust supply zone.​

 

[Solid ECN]

EUR/USD Breaks Key Resistance​

Solid ECN—The EUR/USD currency pair broke below the 1.078 key resistance on Monday, and as of writing, the currency pair traded approximately at 1.0765. The technical indicators suggest the downtrend should resume to lower resistance levels.

The immediate resistance is at 1.0787. If this level holds, the bearish momentum will likely test the 1.0723 mark. Furthermore, if this demand zone breaches, the decline could extend to 1.0676.

On the flip side, if the bulls cross above the immediate resistance, the pullback that began today could target 1.0852.​

 

[Solid ECN]

GBP/USD DeMark Indicator Signals Oversold​

Solid ECN—The DeMark indicator in the GBP/USD 4-hour chart suggests the pair is oversold, hovering below the 0.3 line. As of this writing, the pair tests the 1.269 resistance. A pullback could be imminent, and it is not wise to go short in an oversold market. Therefore, traders should wait patiently for the price to consolidate.

If the price remains below the immediate support level at 1.271, the next bearish target should be set at 1.267.

On the flip side, the bearish outlook should be invalidated if the GBP/USD price rises above the Ichimoku cloud.​

 

[Solid ECN]

NZD/USD Poised for Breakout: Key Levels to Watch​

Solid ECN—The NZD/USD currency pair retreated from 0.6099 and tested the immediate resistance at 0.6132 today. Indicators such as the RVI and MACD suggest that the bullish trend is likely to continue. Notably, the stochastic oscillator is moving out of the oversold zone.

From a technical perspective, for the uptrend to continue, buyers need to push the price above the 0.613 resistance. If this happens, the pullback will likely target the 0.617 resistance.

Conversely, if sellers keep the price below the immediate resistance, the decline that started on June 6 is expected to test the key support level at 0.6088. If the selling pressure breaks this level, the next support will be at 0.604.​

 

[Solid ECN]

Overbought USD/JPY Signals Potential Consolidation​

Solid ECN—The U.S. Dollar traded above the 78.6% Fibonacci level against the Japanese yen at about 157.2. The primary trend is bullish; however, the Demarker indicator signals an overbought market by hovering above the 0.7 level. This development in the indicator means the USD/JPY price might consolidate to the lower resistance levels.

Additionally, the 4-Hour chart shows the Bollinger bands are narrowing, signaling a range market. This aligns with the Demarker signal, pointing to the momentum easing on the uptrend.

From a technical standpoint, the USD/JPY is in a bull market, but the U.S. Dollar appears overpriced. It is likely for the bears to dip the price below the 157.0 immediate support. If this scenario unfolds, the consolidation phase may extend to the 61.8% Fibonacci at 156.4. This level provides a decent entry point to join the bull market.

Conversely, the key resistance level is at 157.7. Should the bulls cross above this key barrier, the uptrend will likely resume. If this scenario unfolds, April's high at 160.2 could be set as the next significant barrier.​

 

[Solid ECN]

Overbought USD/CHF Signals Bearish Potential​

Solid ECN—The USD/CHF currency pair is in a state of being overbought, according to the Demarker indicator, which hovers above the 0.7 line. As of writing, the pair has risen to test the 0.90 (Murrey 3/8) immediate resistance. If this level is breached, the next bullish target will be the 0.903 key resistance (Murrey 4/8).

Conversely, if the price dips below the key resistance level at 0.897 (Murrey 2/8), the overbought market will signal a bearish wave that will likely target 0.894 (Murrey 1/8), followed by 0.8911 key resistance.​

 

[Solid ECN]

USD/CHF Bulls Eye Key Resistance Levels​

Solid ECN—The USD/CHF bulls are trying to stabilize the price above the simple moving average (SMA) of 25 and Murrey 2/8 at 0.897, a resistance level coinciding with the Ichimoku cloud. However, the technical indicators suggest the market is bearish and the downtrend will likely resume.

Hence, if the price dips below the SMA 25, the next key resistance will be at Murrey 0/8 at 0.8911. If the selling pressure exceeds this level, the -1/8 Murrey at 0.888 could be tested again.

On the flip side, the key resistance level that supports the bearish scenario is Murrey 3/8 at 0.9. Should this level be breached, the pullback from 0.888 can extend to Murrey 4/8 at 0.903.​

 

[Solid ECN]

EUR/USD Analysis: Critical Support and Potential Rebound​

Solid ECN—EUR/USD is testing the crucial $1.067 support level, while the Demarker indicator shows the market is deeply oversold. The 4-hour chart reveals uncertainty, with shooting star candlesticks appearing three times. The key resistance level is at $1.072. If the price surpasses this area, we might see a pullback to $1.078, supported by the Ichimoku cloud.

On the other hand, if the EUR/USD bears push the price below the $1.067 support, the downtrend is likely to continue.​

 

[Solid ECN]

USDJPY Eyes June High at 158.2​

Solid ECN—The USDJPY is currently in a strong bullish trend, with the next target likely to be June's high of 158.2.

The MACD indicator is signaling divergence, while the Demarker indicator is declining below the oversold territory. These developments in technical indicators suggest the Japanese yen might recover some of its losses. If the price dips to the lower line of the bullish flag, this demand zone, which aligns with the Ichimoku cloud, offers a good entry point to join the market.​

 

[Solid ECN]

Eastern Tensions and Market Forces Propel Oil Futures​

Solid ECN—On Wednesday, WTI crude futures maintained a price of around $80.3 per barrel, their highest in seven weeks. This spike is due to increasing conflicts in Eastern Europe and the Middle East, which have raised concerns over oil supply disruptions.

A Ukrainian drone attack recently set an oil terminal ablaze in a key Russian port. Concurrently, tensions escalate as a senior Israeli official predicts a looming full-scale conflict with Hezbollah in Lebanon. Furthermore, oil prices gained support from strong global demand projections for the latter half of the year by entities like OPEC, the IEA, and the US EIA. Key OPEC+ nations, including Russia and Iraq, continue to stick to their production limits.

Additionally, Saudi Arabia has expressed readiness to adjust its oil output depending on market needs. In contrast, recent data indicates a rise in US crude stocks by 2.264 million barrels last week, contrary to the anticipated decrease.​

 

[Solid ECN]

Gold Prices Steady Amid Economic Slowdown​

On Thursday, gold prices were stable at around $2,330 per ounce due to weak US economic data, raising hopes that the Federal Reserve might lower interest rates soon. Recent figures indicate that US retail sales have stagnated, reflecting a decline in consumer enthusiasm.

This spending slowdown, combined with less tension in the labor and price sectors, has led the Federal Reserve to wait for more evidence of diminishing inflation before potentially reducing interest rates later this year. Austan Goolsbee, President of the Chicago Fed, praised Tuesday's latest consumer price inflation figures as "excellent" and remained hopeful about continued easing of inflation.

Investors are now looking forward to this week's jobless claims and the upcoming purchasing managers' indexes on Friday to gain further insight into consumer behavior and overall economic health.​

 

[Solid ECN]

MACD Signals Potential Shift for EUR/USD Pair​

Solid ECN—The EUR/USD currency pair is correcting some of its losses from Friday. The MACD indicator shows divergence, suggesting the market might enter a consolidation phase or experience a trend reversal. Currently, the pair is in a downtrend, trading within a bearish channel and below the Ichimoku cloud. Due to the MACD's divergence, the price might rise to test the upper band of the channel and the key resistance level at 1.076.

The price must stay below the critical resistance level of 1.066 for the downtrend to continue. If this happens, the key resistance level 1.066 will likely be tested again.

However, if the price breaks above 1.076, the upward momentum from 1.066 could aim for the 1.078 resistance level.​

 

[Solid ECN]

AUD/USD Bullish Momentum Strengthens​

Solid ECN—The AUD/USD pair is trading above the 50% Fibonacci level at approximately 0.664 in today's session. The pullback from 0.662 was anticipated, given that the Demarker indicator was in the oversold territory, and the market formed a long-wick bullish candlestick pattern on the 4-hour chart. The RVI lines show a bullish cross; the indicator's value rises while the MACD is above the zero line. This suggests bullish momentum is gaining strength, and the AUD/USD price will likely increase.

From a technical standpoint, the bullish trend remains valid if the pair stays above the ascending trendline and the Ichimoku cloud. Given this outlook, the next bullish target could be the 78.6% Fibonacci level at 0.667. Furthermore, if the price exceeds this level, the next resistance will be the June high at 0.670.

Conversely, a dip below the key resistance level at 0.6623 will ignite new selling pressure, which could extend the price to the 23.6% Fibonacci level at 0.660.​

 

[Solid ECN]

EUR/USD Update: Bullish Targets in Sight as Price Stabilizes​

Solid ECN—The EUR/USD currency pair stabilizes above the broken descending trendline in the 4-hour chart. However, the price remains below the key resistance level at 1.076, indicating that the primary trend is still bearish.

Technical indicators suggest that the upward momentum starting from 1.066 will likely continue, possibly targeting the 50-period simple moving average (red line). That said, if the price stays above the immediate support at 1.070, it could test the key resistance at 1.076. Should buying pressure surpass this level, the next bullish target will be the 100-period simple moving average (blue line).

Please note that a dip below the immediate support at 1.070 could trigger a resumption of the downtrend. If this occurs, the price will initially test the 1.066 level, driven by sellers.​