Market Update by Solidecn.com

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Bearish Signals: AUDUSD Technical Indicators Review



Solid ECN – The seller of the AUDUSD pair formed a long wick candlestick pattern on the 4-hour chart, close to the 50% Fibonacci resistance at the 0.666 mark. Consequently, the pair dipped below 38.2% and is testing the EMA 50 as of writing.

The technical indicators signal a bear market, with the RSI closing below 50 and the Awesome Oscillator bars being red and declining.

From a technical standpoint, the AUDUSD pair has created a new higher high since the beginning of the year, and this is the first time the value went as high as 0.666. Therefore, the Australian currency is bullish against the U.S. dollar. That said, if the EMA 50 can withstand today's selling pressure, the market will likely aim for the upper band of the rising flag, which is close to the 61.8% resistance level.

Conversely, if the AUDUSD dips below the EMA 50, the next support level is 23.6%. Traders should watch the EMA 50 closely and adjust their strategy accordingly.

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GBPUSD's Potential Downshift and Support Levels



Solid ECN – The pound sterling has pulled back from a significant level, the 78.6% Fibonacci resistance against the U.S. Dollar, resulting in the pair trading below 1.2827. Concurrently, the RSI indicator has retreated from the overbought area and is heading toward the 50 level.

This downshift could extend to the EMA 50, which aligns with the rising trendline.

Traders should pay close attention to the 61.8% Fibonacci support, which could present buying opportunities. If this level holds, the GBPUSD price will likely rise and retest the 1.2893 resistance.

However, if the rising trendline breaks, it's a clear sign that the bullish scenario should be invalidated. In this case, the consolidation phase will likely extend to the 1.2599 mark, the 50% Fibonacci support.

Therefore, we suggest observing the market's behavior around the EMA 50.

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EURUSD's Next Move: Navigating Above 1.091 Key Support


Solid ECN – The EURUSD formed a hammer candlestick pattern on the 4-hour chart, clinging to the 50% Fibonacci support level at the 1.0914 mark. As of writing, the pair is trading at about 1.093, slightly above the resistance. While the European currency gains ground against the U.S. dollar within the bullish channel, the technical indicators do not offer significant insights.

From a technical standpoint, the next target would be 1.1 if the price maintains its position above 50%.

Conversely, if the price dips below the 50% level, it will likely decline to the 38.2% level, coinciding with the lower band of the channel.

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Navigating the USDJPY Oversold Market: Strategy for Professional Trader


Solid ECN – The RSI has been deep in the oversold area since March 8th. Despite the bulls resisting the extreme selling pressure, the uptick momentum seems weak, even with the RSI's position below 30.

Professional traders typically avoid short positions in an oversold market; therefore, waiting for the market to consolidate and stabilize itself is recommended. If the consolidation phase reaches the upper band of the bearish flag, this level, which coincides with the 23.6% Fibonacci retracement, can offer a better price for joining the bear market.

Fortunately, the Awesome Oscillator bars have turned green, which could be interpreted as the start of the consolidation phase. At the moment, wise traders are waiting for USDJPY to form new higher lows and are adjusting their next moves accordingly.

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NZDUSD Outlook: Technical Indicators Suggest Ongoing Bullish Trend




Solid ECN – The NZDUSD currency pair formed a long-wick candlestick pattern in Friday's trading session, which suggests a possible trend reversal from an uptrend to a downtrend. The technical indicators still signal a bull market; as we know, all technical indicators are inherently lagging.

From a technical standpoint, if the price stabilizes below the 38.2% Fibonacci support following Friday's wick, it could extend to 23.6%. Otherwise, the bull market will continue, and the next target could be the 61.8% Fibonacci level.

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AUDUSD Analysis: Signs of Bullish Resurgence



Solid ECN Blog — The AUDUSD formed a long-wick candlestick pattern during Friday's trading session. As of this writing, the price tested the 38.2% Fibonacci support and is trading at about 0.661. Interestingly, the Awesome Oscillator has flipped above the signal line on the daily chart, which can be interpreted as a sign that the bull market may resume.

From a technical standpoint, the 0.6594 level supports the bull market. As long as the price remains above it, the next bullish target could be the 61.8% Fibonacci resistance at the 0.6703 mark.

Conversely, if the price dips below the 38.2% level, the decline could extend to the EMA 50, followed by the 23.6% level.

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Euro Hits New High Amid ECB Meeting Anticipation and Inflation Data Insights



Solid ECN – The euro rose sharply to $1.085, reaching its highest point since February 1. This spike was due to investors focusing on the European Central Bank's (ECB) next meeting about monetary policy later this week. They are looking for new information on the ECB's plans. Although the bank is expected to keep interest rates high, market participants are eager to hear any updates to economic forecasts and hints from ECB President Christine Lagarde about when borrowing costs might start to decrease.

Recent data showed that inflation in the Eurozone dropped again last month, making it the second month of decline, with a rate of 2.6% in February—a bit higher than the predicted 2.5%. The fundamental inflation rate also fell to 3.1%, above the expected 2.9%. This information suggests that the ECB is careful before reducing monetary policy measures.

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RSI Indicator Predicts GBPUSD Bullish Trend Continuation


Solid ECN – The GBPUSD currency pair has climbed above 1.2709, exceeding the 61.8% Fibonacci resistance level. RSI and Awesome Oscillator support this rise, which suggests continuing the trend. The RSI has room to reach the 70 level, which can be interpreted as the market not being overbought yet. This indicates that the pound sterling will likely target the bullish channel's upper band against the U.S. dollar.

Please note that the bull market will remain valid if the pair trades above the 50% Fibonacci retracement level.