Market Update by Solidecn.com

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Australian Dollar Stabilizes Above Fibonacci Support Against U.S. Dollar


Solid ECN - The Australian dollar stabilizes the price above the 23.6% Fibonacci support level against the U.S. Dollar. Currently, the AUDUSD pair is trading around 0.655. The technical indicators signal a continuation of the bullish bias that began on February 13th. The RSI indicator floats above 50, and the awesome oscillator bar in the 4-hour chart turned green. Meanwhile, 0.6497 serves to support the upward trend. The next likely bullish target will be the 38.2% Fibonacci retracement level, corresponding to the 0.662 resistance area.

On the other hand, if the AUDUSD price falls below the ascending trendline, depicted in red, the bullish scenario could be invalidated. In this case, the U.S. Dollar would likely test the 0.6442 support.

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GBPUSD Price Decline: Ichimoku Cloud and Channel Analysis



Solid ECN - The GBPUSD price has declined from 1.2629, which aligns with the Ichimoku cloud and the descending trendline, depicted in red. The pair is currently testing the 23.6% Fibonacci support level, which appears weak and may not keep the price from falling. Moreover, the technical indicators support the bearish market, with the RSI indicator hovering below the middle line and the Awesome Oscillator flipping below the signal line.

From a technical standpoint, the downtrend will likely continue as long as the GBPUSD price maintains a position below the 1.2629 resistance. The next target could be 1.2550, followed by 1.2517, the lower low of February 5th.

On the flip side, to invalidate the bearish scenario, the bulls must close and stabilize the price above 1.2629.

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AUDUSD Price Analysis: Testing Fibonacci and Trendline Resistance




Solid ECN - The AUDUSD price stands at 0.653 at the time of writing. Currently, the pair is testing the 0.654 high, which aligns with the 23.6% Fibonacci level. Interestingly, the bulls have managed to cross above the descending trendline, depicted in blue, and are now attempting to stabilize above this level. Regarding technical indicators, they promise a continuation of the uptick momentum that began on February 13th, starting from the 0.6442 lower low.

From a technical standpoint, if the price holds above the ascending trendline, depicted in red, the bulls will likely rise and test the 0.6623 resistance, backed up by the 38.2% Fibonacci level.

Conversely, the bullish scenario would be invalidated if the AUDUSD price falls below the ascending trendline, precisely the 0.6497 mark.

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GBPUSD Tests Ichimoku Resistance: Bullish Trend Insight



Solid ECN - The GBPUSD pair is currently testing the Ichimoku cloud resistance. Interestingly, this level is backed up by the descending trendline, depicted in red. The price of the GBPUSD stands at 1.261, and the technical indicators show signs of the bullish trend that began last week.

From a technical standpoint, the uptick momentum will likely continue if the bulls stabilize the price above the descending trendline. If this scenario comes into play, the next bullish target would be the 61.8% Fibonacci resistance level.

Conversely, the 1.2590 level supports the bullish scenario mentioned above. However, should the bears breach this level, the price would likely experience a further decline to 1.255, followed by 1.251.

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EURUSD Correction Phase and Fibonacci Retracement


Solid ECN - The EURUSD currency pair entered a correction phase after the bears hit the 1.06946 bottom. Currently, the price of the most traded currency pair is 1.0758, and it is about to test the 23.6% Fibonacci retracement level, which also aligns with the Ichimoku cloud. The main barrier for further rise is the 1.0805 resistance. Should this level be breached, the consolidation phase would extend to the 38.2% Fibonacci resistance, the upper band of the bearish flag.

On the flip side, if the EURUSD price falls below 1.07316, the downtrend is likely to continue, and the first target would be the February 14th low, the 1.0694 mark.

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Silver Prices Rise Amid U.S. Economic Shifts



Solid ECN - The price of silver climbed to almost $23 for each ounce as market participants weighed the possibility of the Federal Reserve reducing interest rates in May, following the latest economic indicators from the United States. The drop in U.S. retail sales was unexpectedly sharp at 0.8% for January, representing the most significant fall since March of the previous year.

Surprisingly, new unemployment claims fell to the lowest point in four weeks, mitigating the impact of the previously non-farm solid payroll figures. Additionally, Austan Goolsbee of the Chicago Federal Reserve advised caution against delaying interest rate cuts. In parallel, Michael Barr, the Federal Reserve's Vice Chair for Supervision, remarked that the recent inflation figures suggest a challenging journey to achieving the 2% inflation goal.

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USDCHF Analysis: Bearish Flag Test and Fibonacci Support




Solid ECN - Sellers of the USDCHF have tested the lower band of the bearish flag at the 0.8782 mark. Interestingly, the price rebounded from 0.8782 and is attempting to stabilize within the channel and above the 78.2% Fibonacci level. The technical indicators remain neutral, with the RSI hovering around the median line and the bars of the Awesome Oscillator striving to stay above the signal line.

From a technical standpoint, the bullish outlook will remain valid if the USDCHF price stays above 0.8782. In this scenario, the bulls will likely aim for the high of February 13th, the 0.8885 mark.
On the other hand, if the value of the Canadian dollar surpasses 0.878, the bullish scenario should be invalidated. The next bearish target could be the 50% Fibonacci support level, further reinforced by the Ichimoku cloud.

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UK Retail Sales Surge in January 2024

Solid ECN - In January 2024, the UK saw a significant jump in retail sales, increasing by 3.4% from the previous month after a sharp decline of 3.3% in December. This increase surpassed the expected 1.5% rise and marked the most significant monthly growth in retail since April 2021. This growth spanned across most sectors except for clothing stores. Food store sales, particularly in supermarkets, increased by 3.4%, recovering from a 3.1% drop in December. Sales in non-food stores also saw a rebound, improving by 3.0% after a 3.9% fall in December.

Specifically, department stores and other specialized stores, like those selling sports equipment, enjoyed increases of 5.4% and 6.2%, respectively. This was partly attributed to the beneficial effects of January sales events. Sales in stores selling household goods, especially hardware stores, rose by 1.8%, whereas clothing stores experienced a 1.4% decrease. Furthermore, sales of automotive fuel saw a significant rise of 5.4%, aided by lower fuel prices.