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

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    AUDUSD's Technical Outlook: Pullback Opportunities in Sight


    In today's market, the Australian dollar is losing value compared to the U.S. Dollar. The exchange rate fell below the 0.6503 support level, and it’s currently trading around 0.6493 after a slight recovery from 0.6475.

    Despite the bearish trend, the Awesome Oscillator indicates a divergence, suggesting we might soon enter a consolidation phase. This means the AUD/USD pair could temporarily rise, possibly retesting the 0.6503 level and then the 50 EMA, before continuing its downward trajectory.

    Technically speaking, the AUD/USD is experiencing a bear market, but there's a chance for a short-term pullback because the Awesome Oscillator is showing divergence. The levels around 0.6503 and 0.6504 could offer good opportunities for those looking to enter the market with this bearish trend in mind.

    However, should the pair close above and find stability over the Ichimoku cloud, it would challenge the current bearish outlook and potentially shift the market sentiment.

    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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    GBPUSD Drops, Awaiting Bank Decisions



    Solid ECN – In late March, the British pound fell to just above $1.26, its weakest since February 19, and was on track to lose almost 1% over the quarter compared to the US dollar. This happened as investors paid careful attention to cautious words from bank officials. Fed Governor Waller mentioned that the latest inflation figures back the idea that the US Federal Reserve might not soon lower its short-term interest rate goal, though he didn't rule out cuts later in the year.

    In Britain, Bank of England's Haskel stated that it's too soon to consider rate cuts, and his colleague Mann warned against expecting too many rate reductions this year. She suggested it's unlikely the UK would reduce rates before the US.

    During its March session, the Bank of England kept its interest rates the same. Two members, who had earlier supported increasing rates, now preferred to wait, leading to a softer approach than many had predicted.

    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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    Silver Prices Hold Steady as Investors Eye Fed Moves



    Solid ECN—Silver prices have stabilized above $24.5 per ounce after hitting almost a one-year high on March 20th. This happens while investors wait for speeches from the Federal Reserve's officials and the key PCE inflation data this week. These events will help them predict if the U.S. will start easing its monetary policy soon. Before this, the U.S.'s main financial authority decided not to change its plan for three interest rate decreases in 2024.

    This decision made silver and similar assets without yield more attractive. Since their last meeting, the likelihood of reducing interest rates in June has increased to about 70% from the previous 55%. Meanwhile, the Swiss National Bank was among the first big banks to begin reducing its policies in Europe. Silver continues to be supported as a safeguard against global political tensions, mainly due to ongoing conflicts in Ukraine and the Middle East. Recently, Russia has significantly attacked Ukraine's energy infrastructure.

    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 Surge Amid Global Tensions


    Solid ECN – On Tuesday, the price of gold climbed to a new peak, approximately $2,190 per ounce. This increase was mainly due to the weakening of the US dollar. Investors are anticipating rate cuts, especially with the upcoming US PCE price index report expected this Friday. Following last week's announcement by the Federal Reserve, which kept its prediction of three interest rate cuts for the year, gold became more attractive.

    However, February saw better-than-expected US durable goods orders, and various Federal Reserve officials have voiced concerns regarding persistent inflation and a strong economy. Currently, there's a roughly 70% expectation among markets that the Federal Reserve will begin to lower rates in June, a notable increase from the 55% likelihood anticipated before their last meeting.

    Additionally, gold's status as a secure asset is bolstered by rising geopolitical tensions in the Middle East and Eastern Europe, underscored by the UN Security Council's call for an immediate ceasefire in Gaza.

    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 Near Record Highs Amid Rate Cut Expectations


    Solid ECN – On Monday, the price of gold remained steady around $2,175, nearing its record high of $2,185 set on March 20th. This stability comes amid increasing bets on the Federal Reserve reducing interest rates.

    Recently, the Fed kept its forecast, expecting to lower rates three times in 2024, making gold more attractive. Moreover, investors now believe there's over a 70% likelihood that the Fed will cut rates in June, a jump from the 55% probability anticipated before their latest meeting.

    This week, all eyes are on important U.S. inflation data and speeches from several Federal Reserve officials for further indications of future monetary policies. Additionally, ongoing conflicts in Russia and the Middle East support gold's status as a reliable safe-haven asset.

    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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    USDJPY: November 2023 Highs Revisited, Consolidation Ahead?


    Solid ECN – The U.S. Dollar has reached the November 2023 high against the Japanese Yen, hitting the 151.9 mark for the second time this week. However, this time, a long wick candlestick pattern has emerged on the USDJPY 4-hour chart.

    Additionally, the Awesome Oscillator shows a divergence in its bars, which could signal an imminent consolidation phase. This could drive the price down to the 150.2 mark, followed by the 38.2% Fibonacci support level, which the 50 EMA supports. These levels provide favorable entry points for retail traders looking to join the primary upward trend.

    Conversely, the 151.8 hard resistance level must be breached for the uptrend to continue.

    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: Navigating the Bear Market and Identifying Entry Points



    Solid ECN – The European currency experienced a significant decline against the U.S. Dollar after failing to maintain its position above the Ichimoku cloud on March 21. The pair is currently trading around 1.081 and is nearing the 23.6% Fibonacci retracement level, coinciding with the 1.079 support level.

    The Relative Strength Index (RSI) still has room to enter the oversold territory, suggesting that the decline may continue, potentially dipping below the 30 level as the market approaches the Fibonacci level.

    From a technical standpoint, we are currently in a bear market. However, the 23.6% Fibonacci support level may provide a good entry point for bullish traders looking to capitalize on a potential pullback. The rebound is anticipated to start around the 1.079 level and extend to 1.083.

    We recommend closely monitoring the EURUSD price action, examining candlestick patterns near the Fibonacci level mentioned above, and adjusting trading strategies accordingly.

    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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    British Pound Falls Amid Economic Challenges in the UK


    Solid ECN – The British pound dropped to about $1.26, marking its lowest point since February 19th. This happened because people in the UK stopped spending more in February, and the head of the Bank of England, Andrew Bailey, suggested there might be cuts in interest rates later this year. The Office for National Statistics reported that shopping numbers in the UK didn't change last month.

    This was a significant change from January's 3.6% increase and was different from what people thought would happen; they expected a 0.3% drop. At the same time, Bailey did say there were signs that prices were going up less quickly, but he also said it's essential to be sure before making decisions about how to handle the situation.

    The Bank of England decided to keep the cost of borrowing money very high, at 5.25%, the highest it's been in 16 years. They made this decision with almost everyone agreeing, even though two people changed their minds about wanting to increase it. This choice was made after seeing that prices weren't rising as fast as before, which hasn't happened in over two years, but prices are still higher than the bank wants.

    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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    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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    NZDUSD Struggles at the Key 0.609 Mark


    Solid ECN – In today’s trading session, the NZDUSD currency pair has risen from the 0.602 resistance area and is currently testing the 50-day EMA at the 0.609 mark.

    The Awesome Oscillator has predicted the uptick in the momentum of the New Zealand dollar, as evidenced by the divergence shown in the 4-hour chart. At the time of writing, the U.S. dollar drives the price towards the 0.606 resistance, which aligns with the lower high of March 4 and the 23.6% Fibonacci resistance.

    From a technical perspective, the primary trend remains bearish as long as the pair continues to trade below the descending red trendline. In this scenario, the bear market is likely to persist, and a break below the 23.6% Fibonacci support could accelerate the downtrend.

    However, if the NZDUSD stabilizes above the 50% Fibonacci resistance, it would invalidate the bear market.

    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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