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—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 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.
If the price dips to near the middle line of the Donchian channel, at approximately $3,345, retail traders can find new, low-risk opportunities to join the bull market. 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—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.
If the bars turn red, the Awesome Oscillator could form a twin peak signal. 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 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 reasonable 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—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—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 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.
