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

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    USDJPY Experiences Significant Downward Momentum




    Solid ECN – The USDJPY is experiencing significant downward momentum in today’s trading session. The pair has crossed below the Ichimoku cloud and is trading around 149.2 at the time of writing. Interestingly, the RSI indicator has entered the oversold area below 30. Therefore, considering the primary trend is bullish, the price might test the previously broken support, the Ichimoku cloud.

    From a technical standpoint, the data from the USDJPY 4-hour chart indicates that the uptrend will be on pause for a while, and the decline will likely extend to the 23.6% Fibonacci support, corresponding to the 148.3 mark.

    On the flip side, bulls must push the price above the Ichimoku cloud again for the uptrend to continue.

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    Gold Price Analysis: Potential Bullish Breakout


    Solid ECN – The yellow metal is testing the $2,037 mark. What distinguishes this resistance area is its conjunction with the 61.8% Fibonacci level and the descending trendline, depicted in blue.

    Upon examining the price action, we observe that the divergence in the awesome oscillator couldn't initiate a shift in the market. Consequently, the Gold price remained above the 50% Fibonacci level and the Ichimoku cloud. With the RSI indicator hovering above the 50 lines, it is likely for the price to make a bullish breakout and climb to the 78.6% Fibonacci resistance, corresponding to the $2,048 mark.

    On the other hand, if the XAU/USD price dips and stabilizes below the 50% Fibonacci support, the bullish analysis will be invalidated. In such a scenario, the price might experience a further decline to the 38.2% 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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    AUDUSD Analysis: Breaking Bullish Trends and Testing Fibo Level



    Solid ECN – The U.S. dollar broke below the ascending bullish channel in yesterday's trading session against the Australian dollar. Interestingly, the pair tested the broken support, which now acts as resistance, specifically at the 50% Fibonacci level or the 0.6521 mark.

    The technical indicators give mixed signals: the RSI is bearish, while the Awesome Oscillator signals a bull market.

    Based on the price action, the 50% Fibonacci level plays as resistance, and it is expected for the downtrend to extend to the 78.6% Fibonacci support, followed by the February low at 0.6442.

    The bearish outlook for the AUD/USD pair should be invalidated if the price stabilizes itself above the 50% Fibonacci 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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    Anticipated Rise of Pound Sterling: A Clear Signal from Technical Indicators



    Solid ECN – As anticipated, the pound sterling has once again risen from the support zone of the Ichimoku cloud, the 1.2621 mark. Today, the technical indicators are providing a clearer signal. With the RSI flipping above the median line and the appearance of green bars on the awesome oscillator, we can forecast that the bull market will likely expand further.

    The first significant milestone for the bulls is reaching the February high of 1.2709. Interestingly, this resistance level is reinforced by the 61.8% Fibonacci retracement, adding to its significance.

    However, it's important to note that if the GBPUSD price falls below the cloud, the validity of the bull market could be called into question. This is a crucial point to remember as we monitor market trends.

    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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    GBPJPY Navigates Bullish Patterns Amid Mixed Signals


    Solid ECN – The GBPJPY currency pair recently declined from the upper line of its bullish wedge pattern at the 191.0 mark. Subsequently, the pair tested the lower band and bounced back from 190.2, and it currently trades around 190.6.

    The primary trend remains bullish, but the technical indicators provide mixed signals. On one hand, the RSI indicator suggests continuing the bull market. On the other hand, the Awesome Oscillator bars have turned red and are approaching the signal line, indicating potential caution. Based on the primary GBPJPY trend, we can predict that the uptick momentum will likely resume if the pair maintains its position within the wedge's boundaries.

    Even if the price dips below the 190.2 level, considered a resistance point, the Ichimoku cloud emerges as the next significant barrier for the sellers.

    From a technical standpoint, as long as the price remains above the cloud, our technical analysis remains unchanged. This situation suggests a potential for continued bullish behavior, securing any significant market shifts.

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    USDJPY Bullish Trend: Key Resistance and Potential Invalidations


    Solid ECN – As expected, the USDJPY price rose from the 150.0 mark, maintaining a bullish trend due to this support from the Ichimoku cloud and the bullish channel. For the pair to continue its growth, the bulls must break above the 150.88 resistance.

    Conversely, the bull market could be invalidated if the price dips below the cloud, specifically below the 150.0 mark.

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    U.S. Dollar Leads in Today's Market Against GBP




    Solid ECN – The U.S. Dollar is leading in today's trading against the pound sterling, with the GBPUSD pair trading around 1.263. The Ichimoku cloud supports this price area. From a technical standpoint, for the downtrend to continue, bears must stabilize the price below this level. Although technical indicators support a bearish scenario, there is still a chance for the bulls to take control, especially if the 1.2611 level holds firm.

    In conclusion, the price must fall below the cloud for the bear market to extend further. Otherwise, we will likely witness the GBPUSD pair rise again, aiming for the 1.2709 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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    EURUSD Analysis: Bearish Trend is Likely To continue


    The Euro trades around 1.082 against the U.S. Dollar in Wednesday's trading session, stabilizing itself below the broken ascending trendline, as illustrated in the 4-hour chart. This breakout could be interpreted as either a temporary or long-term shift in market direction, transitioning from a bull to a bear market.

    Furthermore, as the EURUSD tests the 38.2% Fibonacci support level, technical indicators suggest that the decline, which began from the 1.0865 higher low, is likely to continue.

    Therefore, from a technical standpoint, with the price maintaining its position within the bearish flag, depicted in black lines, the bear market is expected to extend and potentially test the 50% Fibonacci support, followed by the 61.8% level.

    Conversely, the 1.0866 level acts as resistance. The bearish outlook should be invalidated if the EURUSD price crosses above this 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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