EUR/USD Analysis: Bearish Trend Weakens

Solid ECN—The EUR/USD currency pair moves sideways after it hit the 1.0825 low, below the 50-period simple moving average, signaling a bear market. However, other technical indicators suggest the bearish momentum is weakening, and the price could rise.

From a technical standpoint, for the bearish trend to resume, the EUR/USD price must dip below the immediate support at 1.0825. If this scenario unfolds, the 1.080 level will be the following supply zone.

On the other hand, if the bulls cross and stabilize the price above the immediate resistance at 1.070, which is backed by the 50 SMA, the bear market should be invalidated. In this scenario, the next bullish target will be the 1.090 resistance.

EUR/USD Downtrend Potential

Solid ECN—The EUR/USD currency pair returned from the immediate resistance at 1.087, trading at about 1.082. The technical indicators suggest the price might decline further. However, the bears have the immediate support at 1.082 to overcome.

From a technical standpoint, the downtrend will likely extend to 1.080 if the EUR/USD closes below the immediate support.

Conversely, if the bulls (buyers) exceed the immediate resistance at 1.087, the road to the next resistance at 1.090 could be paved.

Gold Prices Poised for a Breakout: Key Levels to Watch

Solid ECN—Gold trends are currently testing the 50-simple moving average at approximately $2,408, which also serves as the immediate resistance level. Technical indicators suggest that the uptrend may resume, and XAU/USD is not overvalued.

From a technical perspective, if the price of gold climbs above $2,408, the next bullish target will likely be $2,431.

Conversely, if sellers stabilize the price below the immediate support level of $2,353, the decline could extend to $2,339.

GBP/USD: Golden Cross Signals Potential Trend Reversal

Solid ECN—The 50 and 100-period moving averages form a golden cross in the GBP/USD currency pair, suggesting a potential reversal from a bull market to a bear market. Additionally, the pair trades within a bearish channel, with bullish candlesticks appearing weaker and smaller than their bearish counterparts.

However, the Awesome Oscillator indicates divergence, which may signal that the pair could consolidate before resuming its downtrend. In this scenario, the GBP/USD price might rise to test the 100-simple moving average, approximately at 1.291. Traders and investors should closely monitor the 1.2911 resistance area for bearish signals.

Conversely, the bear market outlook would be invalidated if the GBP/USD price breaks above the key resistance level at 1.2941.

Ethereum Bullish Momentum Slows at Critical Resistance

Solid ECN—Ethereum's bullish momentum eased near the July 23 low of $3,373, encountering active resistance. Technical indicators suggest a sideways market with a mildly bullish bias.

> If the price closes above $3,373, it could allow bulls to reach the July 22 high of $3,561.

> The July 27 low of $3,084 serves as the key support level for the current bull market.

Silver Price Eyeing $28.5 Resistance

Solid ECN—Silver price bounced from $27.3 as expected. The stochastic oscillator signaled oversold conditions, warning traders about this pullback. Currently, the XAG/USD bulls are testing the 100-period simple moving average as resistance. Meanwhile, the technical indicators suggest the primary trend is bearish, but the price might consolidate to upper resistance levels.

If the bulls surpass the immediate resistance at $28.5, the pullback will likely target the next demand area at approximately $29.4.

Conversely, if the silver price dips below the immediate support at $28.1, the current uptick trend should be invalidated, and the bears will likely test the recent lower low at $27.3.

Oil Prices Surge Amid Bullish Signals

Solid ECN—Oil price returned from the $74.2 low when the stochastic oscillator signaled an oversold market. As of this writing, the pair trades at about $76.7, above the immediate support at $75.7. The technical indicators suggest the current uptick momentum should resume. Interestingly, the awesome oscillator adds to this bullish speculation.

From a technical standpoint, if the oil price holds above $75.7, the price will likely rise to the key resistance area at $78.1, backed by the 75-period simple moving average.

Conversely, if the bears (sellers) drive the price below $75.7, the $74.2 key resistance will likely be initially tested. Furthermore, if the selling pressure exceeds $74.2, the next support area will be the $71 mark.

WTI Crude Oil Hits Key Resistance

Solid ECN—WTI Crude Oil price reached the $78.1 key resistance, a demand zone backed by the 75-period simple moving average. Interestingly, the robust bullish momentum eased as the stochastic oscillator stepped into the overbought territory.

The technical indicators suggest the primary trend is bullish, but the oil price could be overvalued in the short term. Therefore, it is likely that the oil price consolidate near the immediate support at $77.1.

Conversely, the uptrend resumes if the bulls close and stabilize the price above $78.1. In this scenario, the next barrier will be the $79.2 mark.

WTI Crude Oil Bounces from $76.7

Solid ECN—The oil price dipped to $75.7 after breaking $78.1 with a long bearish candlestick. Currently, the price is bouncing from the key resistance at $75, while the awesome oscillator has flipped below the signal line.

There is no significant pattern on the WTI Crude Oil 4-hour chart, but the 1-hour chart shows a hammer candlestick and a MACD cross, indicating bullish momentum.

The price is likely to test the resistance at $75.7. However, if it dips below $75, the bullish outlook will be invalidated, potentially leading to a retest of July's low at $75.1.

GBP/USD: Downtrend Resumption Ahead?

Solid ECN—The GBP/USD pair is in a bear market, trading below the 50 and 100-period simple moving averages. As of this writing, the price of the currency pair is stabilizing below the July 3 high of $1.277.

From a technical standpoint, the bear market is valid as long as the price is below the July 23 low at approximately $1.288. However, the price should dip below the immediate resistance at $1.271 for the downtrend to resume. If this scenario unfolds, the next bearish target will be the $1.261 mark.

EUR/USD at $1.09: Key Factors Impacting the Market

Solid ECN—The Euro remained steady at $1.091 after reaching a seven-month high of $1.091. Traders are carefully analyzing the monetary and economic outlook. Poor economic data from the US has sparked fears of a significant slowdown or a potential recession in the world's largest economy, increasing the likelihood that the Fed may need to cut interest rates more sharply.

In Europe, traders expect more rate cuts from the ECB. They predict a total reduction of 90 basis points this year, with a 50 basis point cut scheduled in September. On a positive note, German factory orders unexpectedly rose by 3.9% in July, offering some hope for recovery in the struggling manufacturing sector.

AUD/USD Hits Near One-Week High Amid RBA and Fed Speculations

Solid ECN—The Australian dollar climbed to around $0.655, reaching a nearly one-week high as investors assessed the latest monetary policy decisions from the Reserve Bank of Australia. The currency also gained from expectations that the US Federal Reserve might lower interest rates more aggressively soon.

On Tuesday, the RBA kept the cash rate at 4.35% for the sixth consecutive meeting, which was widely anticipated. Despite this, the central bank highlighted that inflation is still too high, and there won't be any rate cuts in the near future.

The RBA noted a positive outlook for domestic demand, driven by increased public spending and a rebound in household consumption. Additionally, data revealed that Australia's industry index remained in contraction for the 27th straight month in July due to weak domestic and external demand.