USDJPY Bullish Trend: Key Resistance and Potential Invalidations

Solid ECN – As expected, the USDJPY price rose from the 150.0 mark, maintaining a bullish trend due to this support from the Ichimoku cloud and the bullish channel. For the pair to continue its growth, the bulls must break above the 150.88 resistance.

Conversely, the bull market could be invalidated if the price dips below the cloud, specifically below the 150.0 mark.

GBPJPY Navigates Bullish Patterns Amid Mixed Signals

Solid ECN – The GBPJPY currency pair recently declined from the upper line of its bullish wedge pattern at the 191.0 mark. Subsequently, the pair tested the lower band and bounced back from 190.2, and it currently trades around 190.6.

The primary trend remains bullish, but the technical indicators provide mixed signals. On one hand, the RSI indicator suggests continuing the bull market. On the other hand, the Awesome Oscillator bars have turned red and are approaching the signal line, indicating potential caution. Based on the primary GBPJPY trend, we can predict that the uptick momentum will likely resume if the pair maintains its position within the wedge's boundaries.

Even if the price dips below the 190.2 level, considered a resistance point, the Ichimoku cloud emerges as the next significant barrier for the sellers.

From a technical standpoint, as long as the price remains above the cloud, our technical analysis remains unchanged. This situation suggests a potential for continued bullish behavior, securing any significant market shifts.

Anticipated Rise of Pound Sterling: A Clear Signal from Technical Indicators

Solid ECN – As anticipated, the pound sterling has once again risen from the support zone of the Ichimoku cloud, the 1.2621 mark. Today, the technical indicators are providing a clearer signal. With the RSI flipping above the median line and the appearance of green bars on the awesome oscillator, we can forecast that the bull market will likely expand further.

The first significant milestone for the bulls is reaching the February high of 1.2709. Interestingly, this resistance level is reinforced by the 61.8% Fibonacci retracement, adding to its significance.

However, it's important to note that if the GBPUSD price falls below the cloud, the validity of the bull market could be called into question. This is a crucial point to remember as we monitor market trends.

Gold Price Analysis: Potential Bullish Breakout

Solid ECN – The yellow metal is testing the $2,037 mark. What distinguishes this resistance area is its conjunction with the 61.8% Fibonacci level and the descending trendline, depicted in blue.

Upon examining the price action, we observe that the divergence in the awesome oscillator couldn't initiate a shift in the market. Consequently, the Gold price remained above the 50% Fibonacci level and the Ichimoku cloud. With the RSI indicator hovering above the 50 lines, it is likely for the price to make a bullish breakout and climb to the 78.6% Fibonacci resistance, corresponding to the $2,048 mark.

On the other hand, if the XAU/USD price dips and stabilizes below the 50% Fibonacci support, the bullish analysis will be invalidated. In such a scenario, the price might experience a further decline to the 38.2% level.

Silver Prices Surge Amid US Economic Updates

Solid ECN – Silver's price rose above $22.5 per ounce, thanks to a weaker US dollar, as market players reacted positively to new economic data from the US. The Federal Reserve closely monitors the core PCE price index, which increased by 0.4% from January last month, aligning with analysts' predictions.

Furthermore, the year-on-year rates have hit their lowest point since 2021, reinforcing the view that inflation is staying on its expected path. In other developments, initial jobless claims were slightly higher than expected, reducing concerns over an overly tight job market. Market participants anticipate 79 basis points in Fed rate cuts in 2023, with expectations for the initial reduction in June. As borrowing costs fall, the attractiveness of non-income-generating assets like silver increases.

Gold Stabilizes as US Economic Concerns Mount: A Quick Overview

Solid ECN – On Monday, the price of gold remained steady at around $2,080 per ounce, following a nearly 2% increase the day before. This was mainly due to a fall in both the US dollar and Treasury yields, which happened in response to disappointing economic indicators from the US. Specifically, recent reports revealed that the country's manufacturing sector has been shrinking for 16 months as of February.

Additionally, a survey from the University of Michigan indicated consumer confidence last month was lower than predicted. Regarding interest rates, John Williams of the New York Fed anticipates reductions later this year, although not all officials agree to such a change. Investors are now turning their attention to upcoming events: they are eagerly awaiting Federal Reserve Chair Jerome Powell's forthcoming testimony to Congress for any signs of changes in monetary policy. They are also looking for essential updates on US employment and manufacturing activity.

Bullish Outlook: GBP USD's Potential to Overcome Resistance

Solid ECN – The pound sterling is stabilizing at around 1.267 against the U.S. dollar, above the 50 EMA but slightly below the 61.8% Fibonacci resistance. The GBPUSD daily chart shows that the pair has traded sideways since mid-November 2023.

While the technical indicators don't provide anything significant, from a technical standpoint, the primary trend is bullish. As long as the pair trades above the ascending trendline, depicted in blue, we expect the market to surpass the 1.270 barrier and aim for the 78.6% Fibonacci resistance.

Conversely, the bearish channel will remain valid if the price falls below the ascending trendline. In this scenario, the next target for the sellers would be the 38.2% Fibonacci level.

U.S. Oil Technical Analysis

Solid ECN – The U.S. oil price hovers around $78 in today's trading session. The black gold experienced a dip on March 1st after climbing as high as $80 per barrel. The Ichimoku cloud and the ascending trendline have prevented further declines, yet the bear market has not pushed the price down to as low as $77.7.

Technical indicators match the recent price decrease. The RSI indicator and the Awesome Oscillator have dipped below the signal line. From a technical standpoint, the bearish pressure may increase if the price falls below the ascending trendline, depicted in blue.

Conversely, given the primary bullish trend, if the ascending trendline holds steady, the oil price could see a new bullish wave aiming for March's highs, followed by the $82 mark.

EURUSD Bulls Eyeing 1.0865 Resistance for Continued Uptrend

The EURUSD currency pair is stabilizing itself outside the previously broken bearish channel. Currently, the pair trades slightly below the 38.2% Fibonacci resistance level, around 1.086. For the uptrend to continue, the bulls must overcome the 1.0865 barrier. This resistance level has been holding the Euro from further growth against the U.S. Dollar since February 22.

Conversely, if the EURUSD price falls below the 50 EMA, the decline would likely target the 1.0796 support level, the 23.6% Fibonacci mark. If this scenario plays out, the sellers will find themselves in the bearish flag again, and the push will likely go deeper, aiming for the February low.

AUDUSD Momentum: Indicators Point Towards Continued Uptrend

The Awesome Oscillator shows optimistic signs of a trend reversal, having flipped above the signal line. Additionally, the RSI hovers above 50, another cue for continuing the uptick momentum from 0.6476. This minor area supports the bullish momentum. It is worth noting that the price needs to stay above this level for further growth. The bull market will likely aim for the 23.6% Fibonacci resistance level in this scenario.

Conversely, the bullish outlook should be invalidated if the AUDUSD price dips below 0.6511.

EURUSD Strategy: Bullish Channel and Fibonacci Support Insights

Solid ECN—The EURUSD currency pair started the week slightly below Friday's closing price. At the time of writing, it is trading at about 1.094.

While the technical indicators provide mixed signals, the pair remains within the bullish channel and tested the 50% Fibonacci support on Friday. The primary trend is bullish, supported by the 38.2% Fibonacci level. As the trend suggests a bullish market, we recommend going long. If the price consolidates near the EMA 50, this could provide an excellent opportunity to join the bull market.

Conversely, the bullish outlook should be invalidated if the EURUSD price drops below 38.2%.

NZDUSD Outlook: Technical Indicators Suggest Ongoing Bullish Trend

Solid ECN – The NZDUSD currency pair formed a long-wick candlestick pattern in Friday's trading session, which suggests a possible trend reversal from an uptrend to a downtrend. The technical indicators still signal a bull market; as we know, all technical indicators are inherently lagging.

From a technical standpoint, if the price stabilizes below the 38.2% Fibonacci support following Friday's wick, it could extend to 23.6%. Otherwise, the bull market will continue, and the next target could be the 61.8% Fibonacci level.