Market Update by Solidecn.com

[Solid ECN]

GBP/USD Surges Past Key Resistance





Solid ECN—The GBP/USD currency pair broke out from the descending trendline and the 50-period simple moving average. As a result, the price rose and tested the 61.8% Fibonacci retracement level at 1.269, then returned to test the broken trendline. The technical indicators suggest the bullish uptrend should prevail, and the price has room to grow.


From a technical perspective, the 38.2% Fibonacci retracement level at 1.266 is key support for the current uptick momentum. Hence, if the price remains above this level, it is likely for the bulls to retest the 61.8% Fibonacci retracement level, and if the buying pressure exceeds 1.269, the next bullish target could be the 78.6% retracement level at 1.271.


Conversely, a dip below 1.266 should cancel the bullish scenario.

[Solid ECN]

EUR/USD Nears Overbought After Bullish Run



Solid ECN—The EUR/USD currency pair returns from the 38.2% Fibonacci retracement level at 1.076. The technical indicators suggest the market is bullish but might become overbought soon.

Going long at the current price is not recommended from a technical standpoint because the stochastic oscillator almost crosses overbought territory. That said, the price will likely bounce from the 38.2% Fibonacci retracement level to the 23.6% retracement level at 1.0725. This level will provide a decent entry point for joining the bull market.

Please note the key resistance level is at 1.076; the uptrend will resume if bulls stabilize above this level. Conversely, if the price dips below 1.072, the bullish scenario should be invalidated accordingly.

[Solid ECN]

USD/CNH Bullish Outlook Above 7.29


Solid ECN—The USD/CNH dip from 7.3 was expected because the stochastic oscillator was hovering in overbought territory. In today's trading session, the pair tested the 7.29 immediate support, while technical indicators suggest the downtrend might resume, and the price might cross below the immediate resistance.

From a technical standpoint, the primary trend is bullish. The uptrend will likely resume if the USD/CNH price holds above 7.29. If this scenario unfolds, the 7.3 immediate resistance will be tested again.

Conversely, if the bears (sellers) drive the price below the 7.29 resistance, the consolidation phase could extend to lower supply zones, starting with the 7.285, backed by the Ichimoku cloud.

[Solid ECN]

Oil Trading Narrow Range: Key Resistance at $81.7



Solid ECN—Oil trades bullishly above the Ichimoku cloud and the 50% Fibonacci level. However, the black gold has been trading in a narrow range between the $81.7 resistance and the $80 support since June 16.

For the uptrend to resume, bulls must close above the immediate resistance at $81.7. If this scenario plays out, the next bullish target will be the 78.6% Fibonacci level at $83.

The 50% Fibonacci level is the support for the bullish scenario. If the price drops below $80, the consolidation phase could extend to the next support level at $78.9.

[Solid ECN]

Ethereum Faces Critical Pivot at $3,469


Solid ECN—Ethereum is in a bear market, approaching the pivot at $3,469 in today's trading session. The pivot is backed by the descending trendline, which is considered a strong barrier. The momentum indicators have room left to become overbought, meaning the uptick momentum that began from $3,215 could result in targeting the upper resistance level.

If ETH/USD closes and stabilizes above the pivot, the 50% Fibonacci level could be the next target. The immediate support at 23.6% Fibonacci supports the current bullish wave.

Conversely, if the ETH/USD price dips below the 23.6% Fibonacci, the downtrend will likely resume. If this scenario unfolds, the first bearish barrier will be $3,341, and if the price dips below this level, the next resistance area will be the $3,215 mark.

[Solid ECN]

Bitcoin Bearish Trend Analysis


Solid ECN—Bitcoin is experiencing a bear market, trading below $62,724. Technical indicators suggest that the downtrend is likely to continue.

From a technical standpoint, the immediate resistance is at the 38.2% Fibonacci level. If the price stays below this, it will likely test the $58,213 support level.

On the other hand, if the price breaks above the descending trendline on the 4-hour chart, the bear market could end. In this case, the next bullish resistance would be at the 61.8% Fibonacci level.

[Solid ECN]

GBP/USD Analysis: Bearish Signals Ahead


Solid ECN—The GBP/USD pair dipped from 1.270, a development in the U.S. price, which was expected because the stochastic oscillator was overbought. Additionally, the technical indicators suggest the bear market should prevail, with the RSI below zero and the price below the Ichimoku Cloud.

From a technical standpoint, the key resistance level is 1.270. The downtrend will likely resume as long as the price remains below this level. In this scenario, the next bearish target could be at 1.265. Furthermore, if the selling pressure exceeds 1.265, the next bearish barrier will be 1.263.

The key resistance is at 1.270. The bearish outlook should be invalidated if the bulls push the price beyond 1.270.

[Solid ECN]

EUR/USD: Downtrend Likely to Continue


Solid ECN—The EUR/USD failed to maintain its position above the 23.6% Fibonacci level, resulting in a decline. As of now, the price is around 1.069. Technical indicators suggest that the bearish trend is likely to continue. The price must stay below the Ichimoku cloud for this downtrend to continue.

The immediate resistance is at 1.066. If the EUR/USD price falls below this level, it will likely move towards the 1.064 support.

On the other hand, the key resistance level is at 1.076. If the price crosses above 1.076, the bearish outlook will be invalidated. In this case, the next bullish target will be the 50% Fibonacci level at 1.079.

[Solid ECN]

AUD/USD Faces Bearish Pressure


The AUD/USD currency pair has declined from the descending trendline, which indicates a bearish momentum as expected due to a long wick candlestick pattern forming on the 4-hour chart. The MACD indicator is approaching the zero line and is about to cross below it, signaling that the bearish momentum may continue.

From a technical perspective, if the price crosses and stabilizes below the 50% Fibonacci level, the next bearish target will be 0.662, followed by 0.660. The descending trendline acts as resistance in this bearish scenario. This bearish analysis will be invalidated if the AUD/USD price exceeds the trendline.

[Solid ECN]

GBP/USD: Bullish Momentum and Key Support Level


Solid ECN—The GBP/USD currency pair is testing significant technical levels, including the 50-period simple moving average, resistance near the 38.2% Fibonacci retracement level, and the Ichimoku cloud. Technical indicators suggest the bullish market may prevail, but the primary trend remains bearish as the price is below the Ichimoku Cloud.

The key support level to maintain the bullish outlook is 1.267, the 23.6% Fibonacci retracement. As long as buyers keep the exchange rate above this level, the price could rise to test the 38.2% Fibonacci level. Furthermore, if buying pressure pushes the price above 1.271, the bullish wave that began at 1.262 could target the 50% Fibonacci level at 1.273.

Conversely, if the GBP/USD price falls below the 1.267 support, the primary bearish trend will likely resume, potentially targeting June's all-time low at 1.262.