Market Update by Solidecn.com

[Solid ECN]

EURUSD Confirms the Break


The EURUSD pair ended yesterday below 1.0285 level, to get more confirmation to the continuation of the expected bearish trend for the upcoming period, supported by moving below the EMA50 that presses negatively on the price, waiting for more decline to achieve our negative targets that start at 1.0175 followed by 1.0135.





Stochastic begins to lose the positive momentum gradually to support the expectations to decline, noting that breaching 1.0285 followed by 1.0305 levels will stop the negative scenario and lead the price to recover again.


The expected trading range for today is between 1.0175 support and 1.0320 resistance, and the expected trend for today is Bearish.

[Solid ECN]

USDJPY prepares to build bullish wave


The USDJPY pair founds solid support at 139.45 level, to trade positively and hints heading to recover in the upcoming sessions, as we notice that the price draws inverted head and shoulders’ pattern that its confirmation line located at 140.75, which means that breaching this level will lead the price to achieve positive targets that start at 141.80 and extend to 143.30.





Therefore, the bullish trend will be expected for today, taking into consideration that breaking 139.45 will stop the positive scenario and put the price under the negative pressure again.


The expected trading range for today is between 139.60 support and 141.50 resistance, and the expected trend for today is Bullish.

[Solid ECN]

GBPUSD draws negative formation


The GBPUSD pair turns downwards to move below 1.1900 barrier, as it recorded lower high that makes us suggest witnessing trend turn to the downside, on its way to achieve negative targets that we expect to start at 1.1710 and extend to reach the bullish channel’s support line around 1.1490.





Therefore, we expect to witness bearish trend in the upcoming sessions, and breaking 1.1760 will ease the mission of achieving the suggested targets, while the price needs to hold below 1.1945 to continue the expected decline.





The expected trading range for today is between 1.1750 support and 1.1920 resistance, and the expected trend for today is Bearish.

[Solid ECN]

NZDUSD Loses Momentum


The NZDUSD pair found solid resistance at 0.6200 barrier, to decline and heads towards expected test to 0.6100 level, as it lost its positive momentum, and we suggest the continuation of the bearish bias to break this level and head towards 0.5990 areas mainly. Therefore, we are waiting for more expected decline on the intraday basis, noting that breaching 0.6185 will stop the suggested negative scenario and lead the price to recover again.





The expected trading range for today is between 0.6080 support and 0.6185 resistance, and the expected trend for today is Bearish.

[Solid ECN]

EURUSD turns to decline


The EURUSD pair couldn’t manage to reach 1.04 barrier, to face negative pressure and start testing 1.0285 level now, and by taking a deeper look at the chart, we find that the price completed forming double top pattern that we expect to push the price to turn to decline, as breaking this level represents the key to confirm rallying towards 1.0175 followed by 1.0135 levels as main negative targets.





Therefore, the bearish bias will be suggested for today unless breaching 1.0370 and holding above it. The expected trading range for today is between 1.02 support and 1.0360 resistance, and the expected trend for today is Bearish.

[Solid ECN]

Dow Jones - Index headed for August highs


Quotes of US stock indicators slowed their growth against the background of ambiguous rhetoric of officials of regional Federal Reserve Banks (FRB) regarding further prospects for raising interest rates. Thus, the head of the St. Louis Fed, James Bullard, noted that the regulator needs to continue the "hawkish" course, since the current interest rate level does not limit economic activity sufficiently. In his opinion, the target level of the value may range from 5% to 7%, however, if inflation in the USA slows down in the coming months and quarters, the US Fed will not have to tighten monetary policy as sharply as expected at the moment.





On the daily chart, the index quotes continue their corrective dynamics and increase, reaching a local maximum in early August at around 34000.


Support levels: 33180, 31750 | Resistance levels: 34000, 35350

[Solid ECN]

AUDUSD Touches the First Target


The AUDUSD pair succeeded to touch our waited target at 0.6650 and bounced upwards clearly from there, to head towards resuming the bullish track on the intraday and short term basis, on its way to test 0.6767 initially, noting that breaching this level will push the price to 0.6870 as a next positive station. Therefore, the bullish will be suggested for today conditioned by the price stability above 0.6650.





The expected trading range for today is between 0.6665 support and 0.6790 resistance, and the expected trend for today is Bullish.

[Solid ECN]

Gold Price Keeps its Negative Stability


Gold price tested 1746.40 level and kept its stability below it, to resume the negative trades and attempts to move away from this level, which keeps the correctional bearish trend valid, waiting to test 1721.65 as a next main target. The EMA50 forms negative pressure that supports the expected decline, which will remain valid unless breaching 1746.4 – 1754 levels and holding above them.





The expected trading range for today is between 1715 support and 1750 resistance, and the expected trend for today is Bearish.

[Solid ECN]

GBPJPY Holds Below the Barrier

GBPJPY pair attempted to form some positive waves to test the sideways range’s resistance at 166.8 and settles below it, as the stability below this barrier will allow us to suggest the negative attempts for now, to target 165.25 as a first station, followed by waiting to reach the initial support near 164.5. Note that succeeding to breach the current barrier and getting positive close above it will confirm regaining the bullish bias, to expect forming strong positive rally and target 167.9 initially, followed by reaching 169.



The expected trading range for today is between 166.80 and 165.25, and the expected trend for today is Bearish.

[Solid ECN]

GBPUSD Technical Analysis

The GBPUSD pair resumes its positive trading to surpass 1.1900 barrier, reinforcing the expectations of continuing the bullish trend for today, organized inside the main bullish trend, depending on the price stability above 1.1780, noting that our main waited targets begin at 1.2000 and extend to 1.2135.



The expected trading range for today is between 1.1780 support and 1.1975 resistance, the expected trend for today is Bullish.