Speculators who are keeping their eye on SOL/USD, as of this morning will notice the cryptocurrency is hovering near important support levels, which if broken could develop into faster selling.

SOL/USD is trading at nearly 32.5000 as of this writing.  SOL/USD started yesterday’s trading around the price of 36.0000; on the 28^th of June Solana saw price action slightly below 40.0000. Like the broad cryptocurrency market SOL/USD has incrementally moved lower the past few days of trading, and like its major counterparts Solana is hovering near crucial support.

If current support levels prove vulnerable for SOL/USD this could ignite more speculative selling. SOL/USD is at a five day low and is trading near values last seen on the 20^th of June. If the 32.0000 barrier is penetrated lower, the 31.6500 vicinity could become vital. SOL/USD moves with a rapid pace and under present market conditions, traders are strongly advised to use entry price orders to participate.

Certainly reversals could be sparked higher; the problem for optimistic buyers is that upside price action has proven to be limited. Yes, from the 18^th of June until the 25^th there was a rather nice flurry of buying which did break through resistance levels consistently, but this one week of movement occurred within the midst of a still ongoing long term bearish trend. It may not be time to declare bearish momentum dead.

If a trader wants to buy SOL/USD they should look for quick hitting trades that take advantage of what may be only temporary rises in the near term.  Perhaps broad market sentiment will suddenly turn positive, but there are few signs that are pointing to a crowd of enthusiastic speculators who want to bet on the emergence of a bullish run.

Until broad market conditions improve from the behavioral sentiment perspective it may prove wise to remain a skeptic and thus a seller of SOL/USD.  Conservative traders may want to wait for some slight price action which takes the market higher towards perceived resistance. The levels of 33.0000 to 34.0000 could prove to be difficult for SOL/USD to climb much higher. Traders should use cautious amounts of leverage while betting on Solana near term.

Support near the 32.2500 to 32.0000 should be monitored. If these prices are suddenly getting tested and the broad market remains nervous among digital assets, SOL/USD could see velocity increase and selling quicken. A move to the 31.7500 to 31.2500 could prove to be worthwhile targets for speculative sellers.

Solana Short-Term Outlook

Current Resistance: 33.5100

Current Support: 31.6300

High Target: 36.0900

Low Target: 29.1500

Gold prices rebounded, benefiting from the US dollar’s retreat from recent record highs and Treasury yields slightly lowered ahead of the Fed’s monetary policy announcement. 

Solid stock markets and expectations of aggressive interest rate hikes limited gold’s rally. The gold price recovered from the support level of $ 1805 an ounce after sharp selling since the start of this important week’s trading. It then reached the level of $ 1842 an ounce, after the interest rate announcement from the US Federal Reserve. It settled around the level of $ 1835 an ounce, before the Bank of England and the Swiss Central Bank announced an update their monetary policy.

Stronger than expected, the US Federal Reserve moved to raise interest rates by 0.75 points, and expectations indicated a rise of only half a point. The US Federal Reserve has thus ramped up its campaign to tame high inflation by raising its key interest rate by three-quarters of a point, its biggest hike in nearly three decades and signaling more significant rate increases to come that would raise the risk of Another recession. The move, announced by the Fed after its last policy meeting, will raise the benchmark short-term interest rate, which affects many consumer and business loans, to a range of 1.5% to 1.75%. With the additional rate hikes they expect, policymakers expect the key rate to reach a range of 3.25% to 3.5% by the end of the year, the highest level since 2008, meaning most forms of borrowing will become sharply more expensive.

The US central bank is ramping up its campaign to tighten credit and slow growth as inflation hit a four-decade high of 8.6%, spread to more areas of the economy and showed no sign of slowing. Americans are also beginning to expect high inflation to continue for much longer than it used to be. This sentiment may embed inflationary psychology in the economy making it difficult to bring inflation back to the Fed’s 2% target.

The Fed’s three-quarter point rate increase exceeds the half-point increase that Governor Jerome Powell had previously suggested as likely to be announced this week. The Fed’s decision to force a significant rate hike yesterday was an acknowledgment that it is struggling to curb and sustain inflation, which has been exacerbated by Russia’s war against Ukraine and its impact on energy prices.

On the other hand, the European Central Bank has proposed creating a new tool to address retail risks across the single European currency bloc in order to alleviate fears of the debt crisis. The European Central Bank announced the move after an unscheduled monetary policy meeting in the wake of rising bond yields in the region.

The Bank of England, which is due to announce its policy on Thursday, is widely expected to announce another rate hike – the fifth in a row – to combat high inflation.

On the US economic front, a report from the Commerce Department showed that US retail sales fell 0.3% in May after rising by a downwardly revised 0.7% in April. Economists had expected retail sales to rise 0.2% compared to a 0.9% increase originally recorded from the previous month.

A separate report from the Labor Department showed that US import prices rose 0.6% in May after rising by a revised 0.4% in April. Economists had expected import prices to jump 1.1% from the original reading, which was unchanged from the previous month. Meanwhile, the report showed export prices rose 2.8% in May after a 0.8% increase in April. Export prices were expected to rise by 1.3%.

The New York Fed also released a report showing that regional manufacturing activity was little changed in June.

According to the technical analysis of gold: On the daily chart, the success of the bulls in pushing the price of gold to the vicinity of the resistance 1865 dollars for an ounce, the gold market will return to the neutral zone with an upward bias. Returning to our technical analyses regarding the future of the gold price, we have pointed out a lot on the importance of buying gold from every descending level. The move by global central banks to raise interest rates strongly is offset by other factors supporting gold, foremost of which are global geopolitical tensions and the suffering of the second largest economy in the world from a new outbreak of the pandemic.

Gold price’s move above the resistance of $1865 an ounce will give the bulls the impetus to move further up, and then the most important resistance levels will be 1877 and 1885 dollars, respectively. More risk appetite for investors and the recovery of the dollar may negatively affect the price of gold, but so far, I still prefer buying gold from every bearish level.

XRP/USD has come off lows seen yesterday when it traded slightly below the 38 cents level, now the 40 cents ratio is within sight as traders guess what will happen next.

XRP/USD is trading slightly above the 39 and half cents mark as of this writing, having achieved a bounce higher since late last night.  Early on Sunday morning, XRP/USD was trading below the 38 cents ratio. The move higher since yesterday may be encouraging for optimistic bullish speculators who continue to look for rays of hope in the cryptocurrency markets.

However, skeptics cannot be blamed for simply believing the movement higher that has been seen will see a return of gravity.  Ripple did in fact climb over 40 cents briefly this morning, which tested highs not seen since the 27^th, but the slight downturn since hitting the short term high has not proven long lasting. The broad cryptocurrency market has shown some resilient movement this morning as the major digital assets have fought off of lows.

The current resistance level of 40 cents may become important in the coming hours. If this level continues to act like a hurdle that is too hard to jump over and maintain value above, it could be considered a sign additional headwinds will start to blow again for XRP/USD. The bearish trend remains in full effect and while hopeful bullish traders cannot be blamed for wanting to see a strong reversal higher that is sustained, betting on this accomplishment could prove to be costly if choppy conditions persist.

Bullish traders who insist on looking for upside may want to use current support levels as a lynchpin to ignite their short term long positions while aiming for 40 cents. The 39 and a half, and perhaps the 39 and a quarter cents ratios could be a place to try and look for slights reversals. However if the 39 cents mark were to suddenly prove vulnerable it will likely mean another test of lower depths are about to be explored again. XRP/USD remains near rock bottom long term prices.

For traders who remain sellers and are looking for downside, short term wagers are encouraged too within the present trading landscape. Stop loss orders are urged and conservative leverage is recommended. If XRP/USD was to break the 39 cents mark below and starts to show price velocity, it is the 38 cents level which would need to be keenly watched. If prices are not able to be sustained above 38 cents in XRP/USD it would be a negative trading signal technically.

Ripple Short-Term Outlook

Current Resistance: 0.40150

Current Support: 0.39295

High Target: 0.40880

Low Target: 0.38140

DOGE/USD has jetted lower and is now near extremely important low water marks as nervous sentiment threatens to overtake the cryptocurrency market again.

On the 5^th of April, DOGE/USD was trading near the 18 cents juncture as cryptocurrency traders pushed the broad market higher and Dogecoin to solid gains. DOGE/USD appeared as if a return to speculative bullish markets may gather steam, and the strong wave of positive momentum likely had speculators dreaming about the 20 cents realm again for Dogecoin.

However, the past week of trading has turned sour and support levels clearly have been put under pressure. This weekend saw a return of quick velocity regarding prices and further downside action develop. And in the past day, support levels have been made to look more vulnerable and nervousness has returned to the broad cryptocurrency market. DOGE/USD is now trading near the 13 and half cents ratio as of this writing.

The last time Dogecoin was trading near the 13 cents mark was on the 1^st of April, on 14^th of March DOGE/USD was trading near the 11 cents level. DOGE/USD serves as a barometer for traders if they compare its speculative results to the broad cryptocurrency market. DOGE/USD is not the darling it once was for wagering in cryptocurrencies, having been replaced in many respects by the like of Shiba Inu and some others. However, DOGE/USD certainly reflects behavioral sentiment in the digital assets realm.

The notion now exist technically that DOGE/USD is a reactive cryptocurrency instead of a proactive speculative wagering tool.  This consideration leads itself to the belief that DOGE/USD could be a trade that technical speculators can use to wager on direction they perceive because of the direction that has already been displayed in the broader cryptocurrency sphere. The current price trend has turned negative and the return of nervous sentiment should be strongly considered.

If a speculator believes more fragile trading is about to be generated in the broad crypto market, they may want to be sellers of DOGE/USD near term.  If DOGE/USD breaks below the 13 cents mark in the short term, speculators could not be blamed for believing the 12 and half cent juncture is a legitimate target if downward conditions prevail. DOGE/USD may have additional room to sink if trading conditions in the broad cryptocurrency market do not show positive sentiment soon.

Dogecoin Short-Term Outlook

Current Resistance: 0.13850000

Current Support: 0.13300000

High Target: 0.14400000

Low Target: 0.12050000

Since the start of this week’s trading, the price of the USD/JPY currency pair has been moving in the same path as the closing of last week’s trading. This is during an upward momentum that succeeded in moving towards the resistance level 123.68. It restores expectations of the psychological top 125.00 momentum to move to it as soon as possible. The recent gains of the US dollar in the forex trading market will be important today, as the contents of the minutes of the last meeting of the US Federal Reserve will be announced.

Expectations so far are still strong for the future of the Fed’s tightening policy, and we do not expect anything new to be presented in the minutes except to confirm that.

After reporting a slowdown in the pace of growth in US service sector activity over the past few months, the Institute for Supply Management released a report showing that growth in the sector accelerated in March. The ISM said that its services PMI rose to a reading of 58.3 in March from a reading of 56.5 in February, and any reading above the 50 level indicates growth in the sector. Economists had expected the index to rebound to a reading of 58.0.

The slightly larger-than-expected increase in the services PMI came after three consecutive monthly declines after the index hit a record high in November. The recovery of the main index came with the rise of the new orders index to a reading of 60.1 in March from a reading of 56.1 in February. The business activity index also rose to 55.5 from 55.1. The report showed that the employment index also rebounded to a reading of 54.0 in March from a reading of 48.5 in February, indicating job growth in the service sector after the contraction in the previous month. The inventories index also rose to a reading of 51.7 in March from a reading of 50.8 in February, while the supplier delivery index fell to 63.4 from 66.2. On the inflation front, the price index rose to 83.8 in March from 83.1 in February, reaching its second highest reading ever after 83.9 in December.

Last Friday, the ISM released a separate statement showing that US manufacturing activity unexpectedly grew at a slightly slower rate in March. The manufacturing PMI fell to a reading of 57.1 in March from a reading of 58.6 in February, while economists had expected the index to rise to 59.0.

According to the technical analysis of the pair: The general trend of the USD/JPY currency pair is still bullish, and its recent gains pushed the technical indicators towards strong overbought levels. Investors may ignore this if the momentum of the US dollar continues to achieve more gains and that this event will be top of the line. 125.00 is the importance of bulls dominating the highest target for the pair in six years. Unless the dollar gains momentum, the dollar-yen currency pair may be exposed to a profit-taking sale at any time.

There will be no reversal of the dollar-yen trend without moving towards the 120.00 support – the previous psychological top – the pair may remain in a limited range until the reaction from the announcement of the minutes of the last meeting of the US Federal Reserve.

The EUR/USD exchange rate recovered more than last week from two-year lows, but with multiple layers of resistance looming on the charts, the euro may struggle to extend its recovery beyond 1.1150 over the coming days. The gains of the EUR/USD pair reached the resistance level of 1.1137, but with the continuation of the Russian war and the failure of the last rounds of negotiations, it was natural to renew selling operations for the currency pair. Accordingly, the price of the euro dollar settled down around the support level 1.0980 at the time of writing the analysis. The performance confirms what we always recommend selling EUR/USD from every bullish level.

The single European currency, the euro, rose sharply against several major currencies in the past week as global markets rallied amid investor optimism about peace talks between Russia and Ukraine, as well as the resulting declines in oil and gas prices.

Lower energy costs and improved risk appetite in global markets helped the euro briefly rise above $1.11 last week but did not give it enough momentum to overcome the layer of Fibonacci resistance levels that took the charts from 1.1150 and above. These last levels may act as a hindrance to any further attempts to recover by the euro in the coming days when the single European currency is once again sensitive to the path of oil and gas prices.

Overall, Europe’s heavy dependence on imported energy means that continental currencies including the euro will be among the most vulnerable this week to any renewed strength in oil and gas prices. They are highly responsive to developments in and around Ukraine. The euro’s short-term outlook is also likely to depend on the market’s interpretation of Tuesday’s speech from European Central Bank President Christine Lagarde at the Bank for International Settlements’ Innovation Summit, and reading of Thursday’s IHS Markit PMI surveys.

According to the technical analysis of the pair: The stronger path of the EUR/USD currency pair is still to the downside and a drop in energy prices from the recent peak could push the Euro above 1.1200 this week if it happens. Much about the outlook for the euro also hinges on whether the market rediscovers its appetite for the dollar after last week’s dips, which continued even after what was widely seen as the “hawkish” policy statement from the US Federal Reserve. On the daily chart, the EUR/USD broke the support level 1.0925, which will support the move towards the next psychological support 1.0800.

I still prefer to sell EURUSD from every bullish level. The pair is awaiting the reaction from the statements of ECB Governor Lagarde only today.