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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

USD/CAD Uptrend: Overbought Warning

Solid ECN—The USD/CAD bullish trajectory is not testing the key resistance level at 1.379, the June 11 high. Despite the robust uptrend, the momentum indicators warn of an overbought condition.

That said, the USD/CAD price is likely to dip and test the lower resistance levels, starting with the 1.375 mark. In this scenario, traders and investors should monitor the key levels for bullish signs to join the uptrend.

Gold Hits Key Fibonacci Levels in Bear Market

Solid ECN—Gold tests the 61.8% Fibonacci retracement level in today's trading session. The XAU/USD price is below the 50-period simple moving average, indicating that the bear market prevails. The technical indicators also suggest the bearish momentum should resume.

However, sellers must close and stabilize the price below the 61.8% Fibonacci level at $2,362 for the bear market to continue. If this scenario unfolds, the 78.6% Fibonacci level at $2,328 will be the next bearish target.

Conversely, the bear market should be invalidated if the price exceeds the 38.2% Fibonacci level at $2,408, a resistance backed by the 50-period SMA.