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Re: Market Update by Solidecn.com

https://i.ibb.co/f0LBpNN/800x80.png

NZDUSD - Growth is possible.

On the daily chart, the upward wave of the higher level (А) formed, a downward correction ended as the wave (B), and the development of the wave (C) and the first entry wave of the lower level i of 1 of (C) started, within which the wave (i) of i has formed, a local correction has ended as the wave (ii) of i, and the wave (iii) of i is developing.

If the assumption is correct, the NZDUSD pair will grow to the area of 0.6166–0.6465. In this scenario, critical stop loss level is 0.5731.

https://i.ibb.co/GHV6pX8/nzdusd.png

Re: Market Update by Solidecn.com

https://i.ibb.co/f0LBpNN/800x80.png

Euro resumes gains ahead of US inflation data

Euro rose in European trade against dollar on track for two-month highs amid prospects of further policy tightening by the ECB. The greenback lost additional ground ahead of US inflation data in October, which will provide additional clues on the Fed's next rate hike in December. 

EURUSD rose 0.35% to 1.0043, with a session-low at 1.0006, after falling 0.6% yesterday, the first loss in four days on profit-taking away from two-month highs at 1.0096.

https://i.ibb.co/DVCkZCt/eurusd.png

The ECB

German two-year treasury yields are hovering near late 2008 highs at 2.252% recently. Such a spike to 14-year highs are based on expected policy tightening by the ECB soon to close the policy gap with the US.


The Dollar

The dollar index fell 0.3% on Thursday on track for two-month lows at 109.36 against a basket of major rivals. Such a decline comes ahead of major US inflation data in October, which will provide crucial clues to the Fed's December policy decisions. Currently, traders estimates a 67% chance of a 0.5% rate hike by the Fed in December, and a 33% chance of a 0.75% rate hike.

Re: Market Update by Solidecn.com

USDCAD - Markets await final US election results

Analysts believe that the leading macroeconomic indicators in Canada are not improving fast enough: for example, yesterday, the Minister of Finance Chrystia Freeland said that households could alleviate the burden of high inflation for themselves if they refuse paid subscription to streaming television services, which caused outrage in the expert community. The greatest growth in recent months has been shown by food inflation, which reached a 41-year high of 18.0%, and it is unlikely that it will be possible to solve this problem by reducing the personal spending of households.

https://i.ibb.co/HPf7b1W/usdcad.png

On the daily chart of the asset, the trading instrument continues to implement the Head and shoulders reversal pattern.

Resistance levels: 1.36, 1.38 | Support levels: 1.3426, 1.322

Re: Market Update by Solidecn.com

S&P 500 - Local corrective trend continues

The American market significantly slowed down the dynamics in anticipation of the results of the Midterm elections to the US Congress, as well as data on inflation. The S&P 500 is currently correcting, trading at 3759.

Based on the interim results of the voting, it is quite likely that different parties will control the Senate and the House of Representatives, which will create a so-called "political impasse". This may mean that the adoption of new legislative initiatives will be difficult, and, therefore, the likelihood of the final adoption of a bill to raise corporate taxes may be reduced, which is a positive signal for the stock market.

https://i.ibb.co/qCVDMC5/spx.png

The index quotes continued the local corrective trend, more and more clearly forming the Flag pattern on the daily chart.

Support levels: 3700, 3570 | Resistance levels: 3830, 4000

Re: Market Update by Solidecn.com

https://i.ibb.co/f0LBpNN/800x80.png

USDJPY - The pair is in a correction, a fall is possible.

On the daily chart, the third wave of the higher level 3 ended, and the development of the downward correction started as the fourth wave 4. Now, the wave of the lower level a of 4 is developing, within which the fifth wave (v) of a is forming.

If the assumption is correct, the USDJPY pair will fall to the area of 136.82–130.25. In this scenario, critical stop loss level is 151.76.

https://i.ibb.co/ZfwfzP5/usdjpy.png

Re: Market Update by Solidecn.com

https://i.ibb.co/f0LBpNN/800x80.png

EURUSD Hits the Target

The EURUSD pair succeeded to achieve our waited target at 1.0185 and attempts to breach it, to pave the way to continue the rise and head to visit 1.0285 as a next positive target. The EMA50 continues to support the price from below, to support the continuation of the bullish trend in the upcoming sessions, taking into consideration that failing to surpass 1.0185 will press on the price to rebound bearishly and head to test 1.0 areas before any new attempt to rise.

https://i.ibb.co/L95vc0R/eurusd.png

The expected trading range for today is between 1.0100 support and 1.0285 resistance.

Re: Market Update by Solidecn.com

NZDUSD rises strongly

The NZDUSD pair bounced upwards sharply to breach 0.5910 level and reach the bullish channel’s resistance that appears on the chart, to open the way to resume the bullish trend within the mentioned channel, targeting 0.6055 followed by 0.6100 levels as next positive stations. Therefore, we expect to witness more rise in the upcoming sessions conditioned by the price stability above 0.5910.

https://i.ibb.co/kVT5XBt/nzdusd.png

The expected trading range for today is between 0.5950 support and 0.6070 resistance.

Re: Market Update by Solidecn.com

https://i.ibb.co/f0LBpNN/800x80.png

EURUSD - Growth is possible.

On the daily chart, the downward wave of the higher level А ended, within which the fifth wave (5) of А formed, and the development of the upward wave B started. Now, the first entry wave 1 of (1) of B i developing, and the third wave of the lower level iii of 1 is forming.

If the assumption is correct, the EURUSD pair will grow to the area of 1.0790–1.1196. In this scenario, critical stop loss level is 0.9932.

https://i.ibb.co/V3nQ7hx/eurusd.png

Re: Market Update by Solidecn.com

GBPUSD Awaits more Rise

The GBPUSD pair provides strong positive trades to achieve our waited target at 1.18, waiting for new rises to achieve additional gains that start by visiting 1.1920 and reach 1.2000 barrier, as the price returned to the bullish channel that appears on the chart, which supports the chances of continuing the bullish trend on the intraday and short term basis.

https://i.ibb.co/cxf7S3n/gbpusd.png

On the other hand, the EMA50 provides good support to the price, to keep our bullish overview conditioned by the price stability above 1.1645. The expected trading range for today is between 1.1720 support and 1.1900 resistance.

Re: Market Update by Solidecn.com

https://i.ibb.co/f0LBpNN/800x80.png

EURUSD Technical Analysis

The EURUSD pair resumes its positive trading after testing 1.0300 barrier this morning, to keep the bullish trend scenario active for today, waiting to get positive motive that assists to push the price to achieve our next main target that reaches 1.0515, reminding you that the continuation of the bullish wave requires holding above 1.0285.

https://i.ibb.co/Q64knnk/eurusd-n.png

The expected trading range for today is between 1.0260 support and 1.0430 resistance.

Re: Market Update by Solidecn.com

https://i.ibb.co/f0LBpNN/800x80.png

USDJPY - The price is in a correction, a fall is possible.

On the daily chart, the third wave of the higher level 3 ended, and a downward correction forms as the fourth wave 4. Now, the wave of the lower level a of 4 has formed, and a local correction is starting to form as the wave b of 4.

If the assumption is correct, the USDJPY pair will fall to the area of 133.2 – 127.36. In this scenario, critical stop loss level is 146.67.

https://i.ibb.co/y5mZ06z/usdjpy.png

Re: Market Update by Solidecn.com

AUDCAD Settles Above the Moving Average

The AUDCAD pair resumed its correctional bullish attack by breaching 0.8840 barrier recently, to settle above the moving average 55 and notice recording additional gains by reaching 0.8935, while stochastic additional positive momentum allows us to expect providing new bullish trades, to attempt to achieve new gains that might start at 0.9 and 0.9055.

https://i.ibb.co/RD2KBf0/audcad-e.png

The expected trading range for today is between 0.8880 and 0.9, and the expected trend for today is Bullish.

Re: Market Update by Solidecn.com

DAX 40 - Low gas prices catalyze the growth of the German manufacturing sector

As of the end of yesterday's trading, 1.0 thousand cubic meters of "blue fuel" on the London Intercontinental Exchange (ICE) was traded at a price of 1.245 thousand dollars. The spot price for gas with a next day delivery is at around 0.716 thousand dollars per 1.0 thousand cubic meters, which cannot be compared with the spring peak prices of 3.8 thousand dollars. The main reasons for the decline in quotations are the high filling levels of European gas storage facilities, which are approaching 99%, as well as abnormally warm weather in the EU for the current time of the year.

https://i.ibb.co/ZSjhBXV/dax.png

On the daily chart of the asset, the price is trading above the resistance line of the descending channel, actively rising and reaching the highs of this spring.

Support levels: 13962, 13262 | Resistance levels: 14631, 15541

Re: Market Update by Solidecn.com

https://i.ibb.co/f0LBpNN/800x80.png

AUDUSD - Growth is possible.

On the daily chart, the first wave of the higher level (1) formed, and a downward correction ended as the second wave (2), within which the wave C of (2) formed. Now, the development of the third wave (3) has started, and the first entry wave of the lower level i of 1 of (3) is forming.

If the assumption is correct, the AUDUSD pair will grow to the area of 0.6916 – 0.7142. In this scenario, critical stop loss level is 0.6393.

https://i.ibb.co/swXrGhH/audusd.png

Re: Market Update by Solidecn.com

https://i.ibb.co/f0LBpNN/800x80.png

NZDUSD - Growth is possible.

On the daily chart, the upward wave of the higher level (А) formed, a downward correction ended as the wave (B), the wave (C) and the first entry wave of the lower level i of 1 of (C) develop, within which the wave (i) of i formed, a local correction ended as the wave (ii) of i and the wave (iii) of i develops.

If the assumption is correct, the NZDUSD pair row to the area of 0.6465 – 0.6600. In this scenario, critical stop loss level is 0.5839

https://i.ibb.co/dBgQ8Z0/nzdusd.png

Re: Market Update by Solidecn.com

https://i.ibb.co/f0LBpNN/800x80.png

EURUSD Tests the Support Base

The EURUSD pair bounced downwards strongly after approaching our waited target at 1.0515, to test the key support base 1.0285 and keeps its stability above it, as it resumed its positive trading from there to settle around 1.0360 now. Therefore, the bullish trend scenario will remain valid and active for the upcoming period, supported by the EMA50 that carries the price from below, waiting to test 1.0515 mainly, noting that breaking 1.0285 will stop the expected rise and press on the price to turn to decline.

https://i.ibb.co/qk6GpFp/eurusd.png

The expected trading range for today is between 1.0285 support and 1.0465 resistance, and the expected trend for today is Bullish.

Re: Market Update by Solidecn.com

GBPUSD - In anticipation of British statistics on inflation

According to the report for September, the UK unemployment rate increased to 3.6% from 3.5% earlier, resulting in a loss of 52.0K jobs, more than the forecasted decrease of 25.0K, which, however, was offset by the dynamics of the average level of wages, which, excluding bonuses, rose by 5.7%, which is better than the positive dynamics of 5.5% a month earlier, and taking into account bonuses – by 6.0%, higher than the preliminary estimates of experts at 5.9%. Inflation statistics will be released today, and analysts expect the consumer price index to reach 10.7% from 10.1% last month, continuing global growth.

https://i.ibb.co/fvPDXP7/gbpusd.png

The trading instrument moves within the local ascending channel on the daily chart, approaching the resistance line.

Resistance levels: 1.199, 1.225 | Support levels: 1.173, 1.136

Re: Market Update by Solidecn.com

USDCHF - Switzerland may return to neutral status soon

Also to the correction of the US dollar, the main driver of the downward dynamics of the trading instrument, experts call the readiness of the country's authorities to return to a full-fledged "neutral status." The Swiss economy is actively declining after the outbreak of a military conflict in Ukraine and joining the anti-Russian sanctions, which violated more than 200 years of neutrality of the country. Six months later, the energy crisis and rising inflation helped Swiss National Bank officials withdraw from the policy of negative rates, a serious blow to the reputation of the world's main financial haven. Yesterday, former People's Party (SVP) chairman Christopher Blocher announced the registration of the Pro Suisse Association initiative, which involves amending the Constitution to consolidate neutrality and prohibit political bodies from making decisions that contradict this principle as joining military or defense alliances. To submit the initiative to a national referendum, it is necessary to enlist the support of at least 100K citizens of the country by the spring of next year.

https://i.ibb.co/Yk3rTzh/usdchf.png

On the daily chart of the asset, the price has slowed down its active decline and is being corrected near the low at the end of summer.

Resistance levels: 0.9484, 0.96 | Support levels: 0.941, 0.93

Re: Market Update by Solidecn.com

https://i.ibb.co/f0LBpNN/800x80.png

USDCAD - The price is in a correction and may grow.

On the daily chart, the upward fifth wave of the higher level 5 develops, within which the wave (1) of 5 formed, the correctional wave (2) of 5 ended, and the wave (3) of 5 develops. Now, the third wave of the lower level 3 of (3) has formed, a correction has ended as the fourth wave 4 of (3), and the wave c of 4 has formed.

The upward dynamics of the USDCAD pair to the area of 1.43 – 1.45 are expected. In this scenario, critical stop loss level is 1.3206.

https://i.ibb.co/xg0Ffqn/usdcad.png

Re: Market Update by Solidecn.com

https://i.ibb.co/f0LBpNN/800x80.png

USDCHF - The price is in a correction and may grow.

On the daily chart, the first upward wave of the higher level (1) of 3 forms, within which the wave 3 of (1) developed. Now, a local correction has ended as the fourth wave 4 of (1), within which the wave c of 4 has formed.

The upward dynamics of the USDCHF pair to the area of 1.02 – 1.03 are expected. In this scenario, critical stop loss level is 0.9350.

https://i.ibb.co/K6Zm05x/usdchf.png

Re: Market Update by Solidecn.com

GBPUSD Technical Analysis

The GBPUSD pair resumes its positive trading to surpass 1.1900 barrier, reinforcing the expectations of continuing the bullish trend for today, organized inside the main bullish trend, depending on the price stability above 1.1780, noting that our main waited targets begin at 1.2000 and extend to 1.2135.

https://i.ibb.co/ZNFMkPj/gbpusd.png

The expected trading range for today is between 1.1780 support and 1.1975 resistance, the expected trend for today is Bullish.

Re: Market Update by Solidecn.com

EURUSD Technical Analysis

The EURUSD pair didn’t show any strong move since morning, thus, no change to the expected bullish trend scenario for today, supported by stochastic gain to the positive momentum gradually, besides the EMA50 that carries the price from below, reminding you that our main waited target is located at 1.0515, while holding above 1.0285 represents key condition to continue the expected rise.

https://i.ibb.co/ccY0Z7r/eurusd.png

The expected trading range for today is between 1.0285 support and 1.0465 resistance, and the expected trend for today is Bullish.

Re: Market Update by Solidecn.com

XAUUSD - Growth is possible.

On the daily chart, a downward correction formed as the fourth wave of the higher level (4), within which the wave C of (4) formed as a momentum, and the development of the fifth wave (5) started. Now, the first entry wave of the lower level 1 of (5) is developing, within which the wave iii of 1 has formed.

If the assumption is correct, after the end of the correction iv of 1, the XAUUSD pair will grow to the area of 1808.08–1881.56. In this scenario, critical stop loss level is 1700.25.

https://i.ibb.co/nwh9Yj4/gold.png

Re: Market Update by Solidecn.com

https://i.ibb.co/f0LBpNN/800x80.png

Crude Oil - A fall is possible.

On the daily chart, a downward correction forms as the second wave of the higher level 2, within which the wave c of 2 develops. Now, the third wave of the lower level (iii) of c has formed, a local correction has ended as the fourth wave (iv) c and the development of the fifth wave (v) of c has started.

If the assumption is correct, the price of the asset will fall to the area of 77.50 – 62.55. In this scenario, critical stop loss level is 100.87.

https://i.ibb.co/VB3HvkG/oil.png

Re: Market Update by Solidecn.com

https://i.ibb.co/f0LBpNN/800x80.png

GBPJPY Holds Below the Barrier

GBPJPY pair attempted to form some positive waves to test the sideways range’s resistance at 166.8 and settles below it, as the stability below this barrier will allow us to suggest the negative attempts for now, to target 165.25 as a first station, followed by waiting to reach the initial support near 164.5. Note that succeeding to breach the current barrier and getting positive close above it will confirm regaining the bullish bias, to expect forming strong positive rally and target 167.9 initially, followed by reaching 169.

https://i.ibb.co/fG4pQ5k/gbpjpy.png

The expected trading range for today is between 166.80 and 165.25, and the expected trend for today is Bearish.

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