Market Update by Solidecn.com

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GBPUSD


GBPUSD pair attempted to break the minor support 1.2060 but it consolidates above it, to keep the chances valid to resume the bullish trend on the intraday basis, waiting to visit 1.2260 as a next main target.





Stochastic provides clear positive signals now to support the expectations to rise in the upcoming sessions, and breaching 1.2145 will ease the mission of achieving the waited positive targets. We remind you that breaking 1.2060 will push the price to decline to test the most important support at 1.1940 before any new positive attempt.

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EURUSD


EURUSD pair’s strong decline stopped at 1.0515 yesterday, which formed solid support against the price, to rebound bullishly and start building bullish wave on the intraday basis, motivated by stochastic positivity.





Therefore, we expect to witness more bullish bias in the upcoming sessions, and the targets begin at 1.0640 and extend to 1.0745 after surpassing the previous level. On the other hand, we should note that breaking 1.0515 will stop the expected rise and press on the price to suffer additional losses that reach 1.0440.

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AUDUSD


AUDUSD broke above the 0.6630 resistance zone following a solid jobs report from Australia. The pair is now testing the 200-hour moving average (purple line).

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USDJPY


The USDJPY pair settles around 134.00 level since yesterday, affected by stochastic negativity that slows the intraday bullish wave, waiting to resume the rise and achieve our positive targets that start at 135.40 and extend to 137.70 after surpassing the previous level.





Therefore, we will keep our bullish overview conditioned by the price stability above 133.30, as breaking it will put the price under the negative pressure again, to head towards visiting 131.75 areas initially.

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GBPUSD

The GBPUSD pair continues to fluctuate within sideways and tight track since yesterday, noticing that stochastic gets rid of its negative momentum to approach the oversold areas, waiting to motive the price to resume the bullish trend that its next targets located at 1.2260 followed by 1.2440.





The EMA50 continues to support the suggested bullish wave, which will remain valid unless breaking 1.2070 and holding below it.

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EURUSD


The EURUSD pair begins today with clear positivity to attack 1.0745 level and attempts to breach it, which hints heading to achieve new gains in the upcoming sessions, while it faces negative pressure by stochastic that might hinder the mission to rise.





Therefore, we prefer to stay aside until the price confirms its situation according to the mentioned level followed by detecting its next destination clearly, noting that the contradiction between the technical factors provides another reason for neutrality. Note that confirming breaching 1.0745 will push the price to achieve positive targets that start at 1.0800 and extend to 1.0925, while consolidating below it will press on the price to resume the bearish wave that targets 1.0620 followed by 1.0515 as next main stations.

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Bitcoin

CPI inflation data from the United States for February was released today at 12:30 pm GMT and came in-line with market expectations. Headline CPI decelerated from 6.4 to 6.0% YoY (exp. 6.0% YoY) while core gauge moved from 5.6 to 5.5% YoY (exp. 5.5% YoY). Reaction of the FX and equity markets was fairly muted - after initial volatile up and down swings, indices moved slightly higher and USD weakened. However, scale of the moves on USD and stock markets is relatively small. Much more action can be seen on the cryptocurrency market with Bitcoin testing $26,000 mark following the release.



Taking a look at BITCOIN chart at D1 interval, we can see that the cryptocurrency is trading higher for the third day in a row and, just as it was the case yesterday and on Sunday, the move is quite big. Bitcoin trades almost 9% higher on the day and makes a break above $26,000 mark for the first time in 9 months! Other cryptocurrencies are also trading higher with Ethereum adding 5% and Dogecoin trading over 4% higher.

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USDJPY

The USDJPY pair surpassed 133.30 level and approached 132.00 barrier, but it bounced bullishly to settle around the first level, noticing that the price begins today positively to move away from this level, which hints heading to start bullish wave that we expect to target 135.40 areas initially.



Therefore, the bullish bias will be suggested for today, supported by stochastic positivity that appears on the four hours’ time frame, being aware that breaking 133.30 will stop the expected rise and press on the price to suffer additional losses that reach 131.75 as a next negative target.

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GBPUSD

The GBPUSD pair resumed its positive trades to test 1.2200 barrier, reinforcing the expectations of continuing the bullish trend, waiting for more rise to visit 1.2260 level that represents our next target.



The EMA50 supports the price from below, and surpassing the targeted level will push the price to 1.2440 as a next main station, while stochastic negativity might cause some temporary sideways fluctuation before rising again. Holding above 1.2070 represents the first condition to continue the bullish wave, as breaking it represents negative factor that will press on the price to visit 1.1940 initially.

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EURUSD

The EURUSD pair found solid resistance at 1.0745 and couldn’t manage to breach it, to start providing negative trades by today’s open, noticing that stochastic shows negative signals that press on the price to decline.



Therefore, we expect to witness bearish bias in the upcoming sessions, and the targets begin at 1.0620 and extend to 1.0515 after surpassing the previous level, noting that breaking 1.0690 will ease the mission of achieving the waited targets. Note that breaching 1.0745 will stop the suggested negative scenario and lead the price to achieve new gains that reach 1.0800 followed by 1.0925.