Real-Time Technical Analysis—Solid ECN

[Solid ECN]

WTI Crude Oil Nears Crucial Resistance at $80.6

Solid ECN—WTI Crude Oil is currently oversold, testing a critical resistance level at $80.1. The Awesome Oscillator indicates a prevailing bear market; however, the RSI 14 and Stochastic Oscillator signal an oversold market, suggesting a consolidation phase may be imminent.

Traders and investors are advised to wait for the oil price to recover some of its recent losses, as shorting a market with intense selling pressure is not advisable.

Nonetheless, the oil price may rebound to test the immediate resistance at the 23.6% Fibonacci level of $80.6, a level reinforced by the low on July 15. It is essential to monitor the $80.6 demand area for bearish candlestick signals.

Please note that if the bulls (buyers) close and stabilize the price above the 23.6% Fibonacci level, the next key resistance will be $81.​

 

[Solid ECN]

Bitcoin Price Correction Expected Soon

Solid ECN—Bitcoin's uptrend eased near the 61.8% Fibonacci retracement level at $64,923. The technical indicators suggest the price might consolidate before the uptrend continues. The stochastic oscillator is in the overbought territory, indicating that Bitcoin is overpriced in the long term. Additionally, the RSI aligns with the stochastic's signal.

Therefore, we anticipate the BTC/USD pair to dip and test the 38.2% Fibonacci level before the uptrend resumes. It is worth noting that going long at the current price is risky due to the market being in an overbought state.​

 

[Solid ECN]

EUR/USD Consolidation and Bearish Signals

Solid ECN—The EUR/USD currency pair shows signs of consolidation after the price peaked at 1.092 and formed a shooting star candlestick pattern on the 4-hour chart.

Moreover, the Awesome Oscillator and the momentum indicators also show signs of a short-term bearish trend that might result in the price testing the 1.086 resistance level, followed by the 38.2% Fibonacci at 1.082. These levels could provide a decent bid price for retail traders to join the bull market.

If the bears (sellers) push the price below the ascending trendline, the bull market will be invalidated.​

 

[Solid ECN]

USD/JPY Analysis: Bearish Target Set at 155.6

Solid ECN—The USD/JPY price has fallen below the ascending trendline and the 157.6 resistance level, currently trading around 157.0 in today's session.

Technical indicators on the daily chart suggest that the downtrend will likely resume following this breakout. From a technical standpoint, the immediate resistance is at 158.8. With the price remaining below this level, the next bearish target is anticipated at the 155.6 resistance.

However, should the USD/JPY price rise above the immediate resistance, the bearish scenario will be invalidated, potentially paving the way for a bullish advance toward the 160.3 resistance.​

 

[Solid ECN]

Ethereum Tests 61.8% Fibonacci Level

Solid ECN—Ethereum trades in a bullish flag pattern, testing the 61.8% Fibonacci level. The momentum indicators suggest the ETH/USD market is overbought. Therefore, we expect the price to consolidate near the lower line of the ascending trendline.

Retail traders can find new, low-risk opportunities to join the bull market if the price dips to near the middle line of the Donchian channel, at approximately $3,345. Consequently, we suggest waiting patiently for the market to consolidate and monitor the key support levels for bullish signals.

However, the bull market should be invalidated if the price dips below the ascending trendline.​

 

[Solid ECN]

XRP/USD Overbought: Is a Dip to $0.56 Ahead?

Solid ECN—Ripple is in an uptrend, trading at approximately $0.62 in today's session. The recent bullish trajectory has driven the XRP/USD pair into overbought status, as both the RSI and Stochastic oscillator hover above 70 and 80, respectively.

The Awesome Oscillator could form a twin peak signal if the bars turn red. If this happens, the Ripple price could dip to $0.56, providing a low-risk and decent bid to join the bull market.

Traders and investors should note that trading in an overbought market is not advisable. Furthermore, the bullish scenario will be invalidated if Ripple dips below the key resistance level at $0.56 and the ascending trendline.​

 

[Solid ECN]

Gold Price Dips: Will Bulls Hold $2,439?

Solid ECN—Gold prices dipped from $2,483, while the stochastic oscillator warned of an overbought market. The current bearish momentum should be considered a consolidation phase, which could extend to testing the July 15 low at $2,439. Consequently, for the uptrend to resume, the bulls must maintain the XAU/USD price above the immediate resistance at $2,439.

Traders should note that the immediate resistance is in conjunction with the 25-period simple moving average, a supply level that could offer a decent bid price for the bull market.

Furthermore, if the gold price falls below the immediate resistance, the consolidation phase can extend to $2,420, followed by $2,392, a supply zone backed by the Ichimoku cloud.​

 

[Solid ECN]

Bearish Momentum in EUR/USD Gains Strength

Solid ECN—The EUR/USD currency pair is in an overbought state, trading at about 1.093 and testing the immediate resistance at 1.0922. The stochastic oscillator is above 80 and declining, indicating that bearish momentum is gaining strength.

It is likely for the bears to dip the price to test the ascending trendline before the uptrend resumes. If the price dips below the trendline, the next support level will be 1.0870.​

 

[Solid ECN]

USD/CAD Tests Key Trendline at 1.367

Solid ECN—The USD/CAD currency pair tests the ascending trendline at approximately 1.367, with the technical indicators in the 4-hour chart suggesting the bearish momentum might extend to the lower resistance level.

The primary trend is bullish, with the price above the 38.2% Fibonacci level. If the USD/CAD price holds above the 1.366 mark, the uptrend will likely resume to retest the 1.370.

Conversely, if the price dips below 1.366, the bullish outlook will be invalidated. In this scenario, the next support level will be at the 50% Fibonacci retracement level at 1.364.​

 

[Solid ECN]

Silver's Bearish Trend: Key Levels to Watch

Solid ECN—Silver's short-term trend direction is bearish, trading in a bearish flag, slightly above the 100-period simple moving average. The XAG/USD pair is testing the 38.2% Fibonacci at $30.5 in the current session, with technical indicators suggesting the downtrend should resume.

The immediate resistance is at $30.5. The downtrend will likely resume if the price remains below this barrier. In this scenario, the sellers could initially target the lower line of the bearish flag.

On the flip side, if the bulls (buyers) close and stabilize the price above the immediate resistance, the pullback that began from the 50% Fibonacci could result in the Silver price surging and targeting the 23.6% Fibonacci at $30.9.​

 

[Solid ECN]

EUR/USD Analysis: Key Resistance at 1.087

Solid ECN—The EUR/USD currency pair dipped below the ascending trendline, approaching the key resistance level at 1.087. The technical indicators in the 4-hour chart suggest that the bearish momentum will likely extend to the lower resistance zones.

The immediate resistance that could keep the price from dipping further is 1.087. If this level holds, the uptrend will likely resume. However, if the bears push the price below 1.087, the consolidation phase could extend to 1.084.

Therefore, traders and investors should closely monitor the 1.087 key resistance level for bullish candlestick patterns or a bearish breakout to plan their strategies accordingly.​

 

[Solid ECN]

Ethereum's Critical Levels: $3,390 Support, $3,528 Resistance

Solid ECN—Ethereum trades sideways between the immediate support at $3,390 and the immediate resistance at $3,528. As of writing, the ETH/USD pair is testing the 50% Fibonacci level, backed by the ascending trendline.

The technical indicators suggest the sideways market might resume with mildly bearish tendencies. Interestingly, the 4-hour chart has formed an inverted hammer, signaling a potential trend reversal. That said, if the ETH/USD price closes above the median line of the Donchian channel, the next bullish target will be July's all-time high at $3,528.

Conversely, a close below the immediate support at $3,390 will likely pause the bull market, and the price could dip to the 38.2% Fibonacci level at $3,253.​

 

[Solid ECN]

Bullish Continuation in USD/JPY?

Solid ECN—The USD/JPY bounced from the 155.3 mark, testing the 38.2% Fibonacci at 157.8. The technical indicators suggest the bull market should resume. However, for the uptrend to continue, the bulls must overcome the 157.8 barrier. If this scenario unfolds, the pullback from 155.35 could extend to the 50% Fibonacci at 158.5. Furthermore, if the buying pressure exceeds 158.5, the next resistance will be at the 61.8% Fibonacci mark, 159.3.

Conversely, a dip below the immediate support at 156.8 will end the bullish trend, and sellers could target July's all-time low.​

 

[Solid ECN]

EUR/USD Analysis: Uptrend and Resistance Insights

Solid ECN—The EUR/USD currency pair tests the 50-period simple moving average and the 1.0870 immediate support. The technical indicators in the 4-hour chart suggest the primary trend is bullish. However, the pair might be oversold because the Stochastic oscillator hovers below the 20 line.

The immediate resistance is at 1.090. The uptrend will likely resume if the bulls close a candle and stabilize the price above the immediate resistance. In this scenario, the next bullish target will be the July 17 high at 1.094.

Conversely, if the bears close below the immediate support at 1.084, the consolidation phase from 1.094 could extend to the next supply area at 1.0844.​

 

[Solid ECN]

AUD/USD Oversold Signals Suggest Rebound

Solid ECN—The RSI 14 and the Stochastic oscillator signal that the AUD/USD currency pair is oversold. Despite the bearish trend, we expect the price to bounce from the 0.665 support area. If this scenario comes into play, the price will likely test the upper line of the bearish flag, which coincides with the 61.8% Fibonacci level. The $0.668 level offers retail traders a decent ask price to join the bear market.

Please note that the bear market should be invalidated if the AUD/USD price stabilizes above the 50% Fibonacci.​

 

[Solid ECN]

USD/JPY Nears Symmetrical Triangle Apex

Solid ECN—The USD/JPY currency pair trades at approximately 157.8 in today's trading session, approaching the apex of the symmetrical triangle. The primary trend is bearish because the price is below the 50-period simple moving average. Other technical indicators suggest the downtrend should resume.

If the price dips below the ascending trendline and the immediate support of 156.28, the July 18 low at 155.35 will likely be tested. Furthermore, if the selling pressure exceeds 155.35, the next supply zone will be 154.4.

Conversely, the bearish outlook should be invalidated if the USD/JPY price exceeds the 38.2% Fibonacci at 157.8, a level backed by the 50 SMA.​

 

[Solid ECN]

USD/CHF Consolidation Could Target 50 SMA

Solid ECN—The USD/CHF currency pair trades below the 50-period simple moving average and the descending trendline, indicating that the primary trend is bearish. However, the technical indicators suggest the bull market is losing momentum, and the price could increase to test the $0.891 resistance. If this scenario unfolds, the $0.891 demand area can provide a decent entry point to join the bear market.

Therefore, traders and investors should closely monitor $0.891 and the 50-period SMA for bearish signals, such as a bearish engulfing candlestick pattern.

Furthermore, if the buying pressure exceeds the descending trendline, the bear market should be invalidated, and the USD/CHF next resistance will be the $0.897 mark.​

 

[Solid ECN]

USD/CHF Price Analysis Update

Solid ECN—The USD/CHF price approaches the key resistance level at 0.891, while the stochastic oscillator signals an oversold market. The downtrend will likely resume if the price closes below the immediate support at 0.887. In this scenario, the sellers will initially target the 0.881 support.

Conversely, if the USD/CHF price exceeds the descending trendline, the bearish scenario should be invalidated, and the price can rise to test the 0.897 resistance.​

 

[Solid ECN]

Silver Price Consolidates at $28.5 Low

Solid ECN—Silver price started to consolidate after it hit the $28.5 low, which was expected because the stochastic oscillator was hovering in the oversold territory. The image above represents the XAG/USD 4-hour chart. However, the bears formed a shooting star candlestick pattern in the 1-hour chart, a bearish sign.

From a technical standpoint, the downtrend will likely resume, and the $28.5 supply area will be tested again if the price is below 23.6% Fibonacci.

Conversely, if the bulls (buyers) cross and stabilize the price above the immediate resistance at $29.3, the consolidation phase could test the 38.2% Fibonacci at $29.8.​

 

[Solid ECN]

Fibonacci Analysis: Gold's Path to $2,483

Solid ECN—Gold is stabilizing above the 38.2% Fibonacci at $2,411. The technical indicators suggest the uptrend should resume, but the price might consolidate before the uptrend continues.

The 100-period simple moving average is a key resistance level. The primary trend remains bullish as long as the price holds above $2,388. In this scenario, the next bullish target could be the 23.6% Fibonacci at $2,438. Furthermore, if the buying pressure exceeds $2,438, July's high at $2,483 could be retested.

Conversely, the bull market should be invalidated if the price dips below the 100-period simple moving average.​