NZD/USD - Entry Points and Bullish Targets

Solid ECN—The NZD/USD currency pair broke above the immediate support at 0.6139, and as of writing, it is trading at approximately at 0.616. The RSI indicator is becoming overbought, indicating that the uptrend might ease and the market will likely experience a consolidation phase.

From a technical standpoint, the overbought RSI could lead the U.S. Dollar to erase some of its recent losses. Hence, if the price dips to the ascending trendline, this level around 0.613 can provide a decent entry point to join the bullish momentum. In this scenario, the next bullish target should be set at 0.621.

Conversely, if the NZD/USD dips below the ascending trendline, the initial support level will be 0.608, followed by the secondary support level at 0.603.

GBP/USD Tests Key Support Amid Divergence Signals

The GBP/USD currency pair dipped from the 1.280 high today and is currently testing the $1.275 immediate support. The middle band of the Bollinger Bands and the May 22 high reinforce this support level.

The Awesome Oscillator signals divergence, indicating a potential trend reversal or consolidation.

The RSI indicator reads 56, approaching the 50 line, suggesting that the upward momentum is weakening.

From a technical standpoint, while indicators suggest a bearish trend might be imminent, the price remains above the ascending trendline. The price must remain above this trendline for the primary bullish trend to continue. If this occurs, the bulls' first target is 1.280, and with increased buying pressure, the price could move towards $1.289.

Conversely, if the GBP/USD price falls below the immediate support at 1.274, it will likely test the 1.267 support, followed by the $1.263 level.

GBP/USD Testing Key Resistance Levels

Solid ECN—The GBP/USD price bounced from the $1.267 support and is testing the $1.274 resistance. The RSI value is 53, above the median line, and the awesome oscillator bars are below zero, but the colors have turned green, and the value is on the rise. These developments in the technical indicators suggest that the trend might resume its bullish momentum.

Immediate resistance is at $1.274. For the bull market to resume, the GBP/USD must cross above this barrier. If this scenario comes into play, the road to retest the $1.280 resistance will be paved.

On the flip side, a failure to overcome the $1.274 barrier will likely result in the price declining, testing the immediate support at $1.267. If the selling pressure exceeds this level, the next bearish target could be $1.263.

Will GBP/USD Break Above $1.276?

Solid ECN—The GBP/USD currency pair trades at about $1.273 in today's trading session, which is below the descending trendline and the $1.276 resistance. The RSI indicator signals a sideways market, but the Awesome Oscillator value is on the rise and about to close above the signal level.

From a technical standpoint, for the uptrend to resume, the bulls must cross above the $1.276 level. If this scenario plays out, the next bullish target will be the $1.280 resistance.

On the flip side, if the price remains below the descending trendline, the price will likely target $1.2681, followed by the lower line of the bearish flag.

AUD/USD Tests Immediate Support

Solid ECN—The AUD/USD currency pair traded at $0.664 in today's trading session. As of this writing, it is testing immediate support at $0.663. The technical indicators in the 4-hour chart suggest the currency pair is trading sideways, and the market lacks significant momentum.

From a technical perspective, if the AUD/USD bulls maintain their position above the immediate support at $0.663, the price will likely aim for the key resistance level at $0.668. The next bullish target should be $0.671 if the buying pressure exceeds this.

Conversely, if the bears push the price below the $0.663 support and stabilize it below it, the new bearish momentum will likely head to the next support at $0.659.

USD/CNH Symmetrical Triangle: Key Levels

Solid ECN—The USD/CNH currency pair traded at about $7.25 in today's trading session. The currency pair has been moving sideways inside the symmetrical triangle, approaching the apex in the last three trading sessions. As of writing, the bears are testing the ascending trendline, a level supported by the Ichimoku cloud.

Moreover, the technical indicators signal that bearish momentum should escalate. Therefore, from a technical standpoint, if the USD/CNH slips below $7.255, the next resistance level should be $7.247. The Ichimoku cloud supports this demand area; therefore, the market might bounce from it.

Additionally, traders and investors should monitor the price action around the symmetrical triangle. If the selling pressure exceeds the critical support level at $7.245, the next bearish target will be $7.236.

On the flip side, the primary trend is bullish, and for it to resume, bulls must close above the immediate resistance at $7.26. If this scenario comes into play, the next bullish target should be set at the May all-time high of $7.275.

USD/CHF Downtrend: Key Levels to Watch

The USD/CHF downtrend gained momentum after breaking below the key resistance level at $0.90. As a result, the candles moved outside the lower Bollinger Band, indicating the market is oversold and may bounce back.

> The RSI is near the oversold area, showing a value of 31. This suggests a consolidation phase could be imminent.

From a technical perspective, traders and investors should avoid selling when the market is oversold. Instead, they should wait for the currency pair to consolidate near the upper key resistance at $0.90 and watch for bearish candlestick patterns. The downtrend will likely continue if such patterns appear, targeting $0.889 next.

Bullish Scenario

Conversely, the bearish outlook will be invalidated if USD/CHF stabilizes above the key resistance level of $0.90. The middle Bollinger Band will be the initial bullish target in this scenario, followed by resistance at $0.915.

Key Takeaways:

> USD/CHF is currently oversold and may bounce.
> RSI value is at 31, indicating a possible consolidation.
> Wait for consolidation near $0.90 before making moves.
> If the price stays above $0.90, look for targets at the middle Bollinger Band and $0.915.

Gold Prices Surge Amid Speculation of Fed Rate Cuts

Solid ECN—Gold prices climbed to $2,370 per ounce on Thursday, continuing the upward trend from the previous day. This increase came after U.S. economic reports suggested that the Federal Reserve could lower interest rates later this year.

Data from ADP revealed that U.S. private job growth in May was weaker than expected, and figures for the previous month were also adjusted downwards. This points to a slowing, yet still robust, job market.

Consequently, market players expect the Fed to implement two rate cuts this year, with a 70% probability of one occurring in September, according to the CME FedWatch Tool. Investors now look forward to Friday's non-farm payroll figures to further evaluate the U.S. economy and gain insights into the Fed's rate cut plans.

In related news, the Bank of Canada reduced its primary interest rate on Wednesday, marking its first cut in four years, and the European Central Bank is likely to decrease rates later today.

Gold Declines Amid Overbought Stochastic Oscillator

Solid ECN—The XAU/USD declined after the bulls broke from the 50% Fibonacci level in today's trading session. This development in the gold price has driven the stochastic oscillator into the overbought area. Therefore, the current phase should be considered as consolidation.

The primary trend is bullish, and the technical indicators point to the bullish wave resuming. However, for the uptrend to continue, the price must stabilize above the SMA 100 (blue line). If this scenario comes into play, the 38.2% Fibonacci level will be the next target.

Conversely, the oversold stochastic might escalate today's decline from $2,370. The immediate support is at $2,354. If this level is breached by the bears, the next bearish target will be the 61.8% Fibonacci level, which is backed by SMA 50 (red).

EUR/USD Breaks Key Resistance

Solid ECN—The EUR/USD currency pair broke below the 1.078 key resistance on Monday, and as of writing, the currency pair traded approximately at 1.0765. The technical indicators suggest the downtrend should resume to lower resistance levels.

The immediate resistance is at 1.0787. If this level holds, the bearish momentum will likely test the 1.0723 mark. Furthermore, if this demand zone breaches, the decline could extend to 1.0676.

On the flip side, if the bulls cross above the immediate resistance, the pullback that began today could target 1.0852.

AUD/USD Consolidation Phase Exceeded 23.6% Fibonacci

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.

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.