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Re: Market Update by Solidecn.com

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

EURJPY Tends Towards the Negativity

The EURJPY pair kept its negative stability below 145.60, to reinforce the chances of starting the previously suggested bearish correction, expecting to gather the negative momentum soon and decline towards 143.30 level as a first negative target, while breaking it might extend trades towards 142.5 followed by reaching the bullish channel’s support line at 141.4.

https://i.ibb.co/2q85hLF/eurjpy.png

The expected trading range for today is between 145.60 and 144.2, and the expected trend for today is Bearish.

Re: Market Update by Solidecn.com

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

Crude Oil - A fall is possible.

On the daily chart, the first wave of the higher level (1) formed, and a downward correction develops as the second wave (2), within which the wave А of (2) forms. Now, the fifth wave of the lower level v of A is forming, within which the wave (iii) of v is developing.

If the assumption is correct, the price of the asset will fall to the area of 67 – 52.25. In this scenario, critical stop loss level is 90.30.

https://i.ibb.co/8NgJvFY/oil.png

Re: Market Update by Solidecn.com

XAGUSD - The asset is in a correction, a fall is possible.

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

If the assumption is correct, the XAGUSD pair will fall to the area of 19.88 – 19.32. In this scenario, critical stop loss level is 22.22.

https://i.ibb.co/cL1LVsy/silver.png

Re: Market Update by Solidecn.com

EURUSD turns to decline

The EURUSD pair couldn’t manage to reach 1.04 barrier, to face negative pressure and start testing 1.0285 level now, and by taking a deeper look at the chart, we find that the price completed forming double top pattern that we expect to push the price to turn to decline, as breaking this level represents the key to confirm rallying towards 1.0175 followed by 1.0135 levels as main negative targets.

https://i.ibb.co/fSrtW3P/eurusd.png

Therefore, the bearish bias will be suggested for today unless breaching 1.0370 and holding above it. The expected trading range for today is between 1.02 support and 1.0360 resistance, and the expected trend for today is Bearish.

Re: Market Update by Solidecn.com

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

NZDUSD Loses Momentum

The NZDUSD pair found solid resistance at 0.6200 barrier, to decline and heads towards expected test to 0.6100 level, as it lost its positive momentum, and we suggest the continuation of the bearish bias to break this level and head towards 0.5990 areas mainly. Therefore, we are waiting for more expected decline on the intraday basis, noting that breaching 0.6185 will stop the suggested negative scenario and lead the price to recover again.

https://i.ibb.co/NN8PZg8/nzdusd.png

The expected trading range for today is between 0.6080 support and 0.6185 resistance, and the expected trend for today is Bearish.

Re: Market Update by Solidecn.com

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 is 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 1.0092.

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

Re: Market Update by Solidecn.com

GBPUSD - Growth is possible.

On the daily chart, the downward fifth wave of the higher level V of (V) ended, within which the wave (5) of V formed, and the development of the upward first wave (1) started. Now, the third wave of the lower level 3 of (1) is developing, and the wave iii of 3 is forming.

If the assumption is correct, the GBPUSD pair will grow to the area of 1.2281 – 1.2590. In this scenario, critical stop loss level is 1.1326.

https://i.ibb.co/JpmLV1M/gbpusd.png

Re: Market Update by Solidecn.com

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

USDCAD- Growth is possible.

On the daily chart, the fifth upward wave of the higher level 5 develops, within which the wave (3) of 5 develops. Now, the third wave of the lower level 3 of (3) has formed, a local correction has ended as the fourth wave 4 of (3), and the development of the wave 5 of (5) has started, within which the wave i of 5 is forming.

If the assumption is correct, the USDCAD pair will grow to the area of 1.382 – 1.3978. In this scenario, critical stop loss level is 1.3222.

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

Re: Market Update by Solidecn.com

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

GBPJPY Technical Analysis

The GBPJPY pair provided new bullish rally yesterday, to touch 168.3 level and confirm its surrender to the domination of the bullish bias by moving away from the additional support at 166.8, reminding you that the fluctuation within the bullish channel and the major indicators that provide the positive momentum allow us to suggest more bullish attempts, to surpass 169 obstacle and move towards the next main station at 170.2.

https://i.ibb.co/Bnmrk7K/gbpjpy.png

The expected trading range for today is between 167.40 and 169, and the expected trend for today is Bullish.

Re: Market Update by Solidecn.com

USDCHF - Growth is possible.

On the daily chart, the first upward wave of the higher level (1) of 3 forms, within which the wave 3 of (1) formed, and a local correction ended as the fourth wave 4 of (1). Now, the development of the fifth wave 5 of (1) has started, within which the first entry wave of the lower level i of 5 is developing.

If the assumption is correct, the USDCHF pair will grow to the area of 1.0054 – 1.02. In this scenario, critical stop loss level is 0.9350.

https://i.ibb.co/GcPwd01/usdchf.png

Re: Market Update by Solidecn.com

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

EURJPY Provides Positive Signal

The EURJPY pair stared today by forming bullish wave, surpassing 145.65 barrier to hint getting rid of the negative pressures and start resuming the main bullish attack on the near term and medium term period. In case the price got a positive close above the breached barrier and getting continuous positive momentum by the major indicators, we expect to target 146.20 followed by reaching 147.1 levels, while turning back to fluctuate below 145.65 might force it to suffer some losses by crawling towards 144.5.

https://i.ibb.co/NnpJSNG/eurjpy.png

The expected trading range for today is between 145.5 and 146.2, and the expected trend for today is Bullish.

Re: Market Update by Solidecn.com

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

Gold Price Keeps its Negative Stability

Gold price tested 1746.40 level and kept its stability below it, to resume the negative trades and attempts to move away from this level, which keeps the correctional bearish trend valid, waiting to test 1721.65 as a next main target. The EMA50 forms negative pressure that supports the expected decline, which will remain valid unless breaching 1746.4 – 1754 levels and holding above them.

https://i.ibb.co/SxKt24s/gold-1.png

The expected trading range for today is between 1715 support and 1750 resistance, and the expected trend for today is Bearish.

https://i.ibb.co/xFzB3pL/gold-2.png

Re: Market Update by Solidecn.com

Silver Price Tests the Key Resistance

Silver price continued to rise to test 21.30 resistance line, and bounced downwards clearly from there, to support the continuation of the bearish trend domination, waiting to test 20.72 level initially, which breaking it represents the key to rally towards 20.25 as a next correctional target. Therefore, we will continue to suggest the bearish trend for the upcoming period unless the price rallied to breach 21.30 and hold above it.

The expected trading range for today is between 20.50 support and 21.30 resistance, and the expected trend for today is Bearish.

https://i.ibb.co/CsrdG9y/silver.png

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, a downward correction ended as the second wave (2), and the development of the third wave (3) started. Now, the first entry wave of the lower level i of 1 of (3) is forming, within which the wave (iii) of i is developing.

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 0.6572.

https://i.ibb.co/61kW7r8/audusd.png

Re: Market Update by Solidecn.com

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

EURUSD - Strong business activity statistics supported the position of the euro

Yesterday, data on business activity in the leading sectors of the EU economy were presented, which was positive for the first time since the end of summer. Thus, Manufacturing PMI in France rose to 49.1 points from 47.2 points earlier, and in Germany – to 46.7 points from 45.1 points, while Manufacturing PMI in the EU amounted to 47.3 points, higher than 46.4 points earlier. As for Services PMI, the upward dynamics here were slightly restrained: in France, the indicator consolidated around 49.4 points, which was lower than 51.7 points earlier, and in Germany, it was 46.4 points against 46.5 points in the month previously. The Composite index for EU countries remained at 48.6 points.

https://i.ibb.co/zNnQMH5/eurusd.png

On the daily chart, the trading instrument is correcting, confidently approaching the local highs of the last week around 1.0485. Technical indicators have long since reversed upwards and are strengthening their signal.

Support levels: 1.0328, 1.0095 | Resistance levels: 1.0485, 1.0780

Re: Market Update by Solidecn.com

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

USDJPY - The asset is in correction, the probability of the fall is maintained.

On the daily chart, the third wave of the higher level 3 has completed and a downward correction is being formed as the fourth wave 4. At the moment, a wave of the lower level a of 4 has already appeared and a local correction is developing as a wave b of 4.

It is predicted that the quotes of the USDJPY pair will fall to the area of 133.2 – 127.36. The level of 146.42 is critical and stop-loss for this scenario.

https://i.ibb.co/93VPr7y/usdjpy.png

Re: Market Update by Solidecn.com

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

XAUUSD - The possibility of growth remains.

On the daily chart, the downward correction has ended as the fourth wave of the higher level (4), within which wave C of (4) has formed as an impulse and the development of the fifth wave (5) has begun. At the moment, the first wave of the lower level 1 of (5) is being built, in which wave iii of 1 formed and corrective wave iv of 1 ended.

It is predicted that the quotes of the XAUUSD pair will continue their upward dynamics in the area of 1808.08 - 1881.56. The level of 1720.15 is critical and stop-loss for this scenario.

https://i.ibb.co/nm5YXK0/gold.png

Re: Market Update by Solidecn.com

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

CAC 40 - French stock market continues to rise actively

French companies continue to demonstrate fairly strong financial results, despite another decline in business activity in the country: in November, the figure corrected from 103 points to 101 points against the forecast of 102.0 points. However, at the moment, the attention of investors is drawn to the statement of representatives of the automotive corporation Renault Group on the conclusion of cooperation with the energy companies Engie SA, Voltalia SA and Electricite de France SA for a 15-year supply of electricity from renewable sources, which can cover up to 50% of the needs of the automaker in the country. Recently, the issue of decarbonization of production in France has been quite acute, and reports of a deal may cause approval from the environmental community, allowing the issuer to attract additional investment.

https://i.ibb.co/JR6mxmM/cac40.png

On the daily chart, CAC 40 quotes continue to trade above the resistance line of the descending corridor, and the technical indicators strengthen the buy signal.

Support levels: 6610, 6340 | Resistance levels: 6800, 7160

Re: Market Update by Solidecn.com

GBPUSD Technical Analysis

The GBPUSD pair fluctuates within tight track since morning, which keeps the bullish trend scenario valid as it is without any change, depending on the price stability above 1.1990, supported by stochastic approach to the oversold areas, reminding you that we are waiting to rally towards our next positive target that reaches 1.2260.

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

The expected trading range for today is between 1.2030 support and 1.2210 resistance, and the expected trend for today is Bullish.

Re: Market Update by Solidecn.com

Euro maintains gains near four-month highs against dollar

Euro rose in European trade against dollar for the fourth straight session, almost hitting four-month highs amid fading concerns about the policy gap between Europe and the US. The greenback is trading near three-month lows under pressure from Fed's minutes, which bolstered the case for a 0.5% rate hike in December. EURUSD rose 0.2% to 1.0428, after closing up 0.15% yesterday, the third profit in a row as risk appetite improves in the market.

https://i.ibb.co/1842thJ/eurusd.png

Euro is up over 1% so far this week against dollar on track for the second weekly profit in three weeks.
Euro hit four-month highs at 1.0481 earlier this month before entering a wave of losses on active profit-taking.
Current gains come amid fading concerns about the policy gap between the US and Europe, with the ECB expected to raise rates by 75 basis points in December.


The Dollar

The dollar index last traded near three-month lows at 105.34 against a basket of major rivals. Latest Federal Reserve minutes showed US policymakers are content about their ability to move forward and raise interest rates in a slower place.

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 is developing, within which 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 1.0219.

https://i.ibb.co/vzzVPk5/eurusd.png

Re: Market Update by Solidecn.com

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

Gold Technical Analysis

Gold price tests the key support 1746.4 and keeps its stability above it until now, which keeps the bullish trend scenario valid for the upcoming period, supported by the EMA50, waiting to resume the bullish bias to visit 1765 initially. On the other hand, we should note that breaking 1746.4 and holding below it will stop the positive scenario and push the price back to the correctional bearish track again, to head towards testing 1721.65 areas initially.

https://i.ibb.co/JvX5sqc/gold-1.png

The expected trading range for today is between 1735 support and 1775 resistance, and the expected trend for today is Bullish.

https://i.ibb.co/G3KxDhn/gold-2.png

Re: Market Update by Solidecn.com

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

Dollar on track for weekly losses on Fed rates

Dollar fell in European trade on Friday against a basket of major rivals, extending the gains for the fourth day in a row, and almost hitting three-month lows, and on track for the second weekly loss in three weeks following weak US data and the release of Fed's minutes. Such Fed minutes clearly bolstered the case for a 0.5% rate hike in December and a slower pace of policy tightening.

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

The Index

The dollar index fell 0.25% to 105.68, with a session-high at 106.16, after closing down 0.2% yesterday, the third loss in a row, edging near three-month lows at 105.34. Dollar is now down 1.2% so far this week on track for the second weekly loss in three weeks.

https://i.ibb.co/X50rdQz/dxy.png

Weak Data

Recent US data showed manufacturing and services activities tumbled heavily in November, hinting at potential economic recession in the fourth quarter of the year.


The Fed

Fed's minutes released for the November 1-2 meeting showed most policymakers agreed it's important to slow down the pace of policy tightening.


Fed Minutes

Chances for a 0.5% rate hike in December by the Fed rose from 75% to 85% after Fed's minutes, while chances for a 0.75% rate hike fell from 25% to 15%.

Re: Market Update by Solidecn.com

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

AUDUSD - Australian economy shows signs of decline

The reason for the negative dynamics was poor macroeconomic data: according to the Australian Bureau of Statistics, retail turnover in October fell by 0.2% after rising by 0.6% in September, which was the first decline since falling by 4.1% in December 2021 and is a consequence of the weakening in all leading industries, except for products retail trade. The leaders of the negative movement were department stores, which lost 2.4%, closely followed by the clothing trade sector (–2.0%), and for the first time since January, the indicators of restaurants and cafes decreased (–0.4%). ABS Head of Retail Statistics Ben Dorber said the correction results from higher interest rates and could be long-term.

https://i.ibb.co/SrR2WdW/audusd.png

On the daily chart of the asset, the price is moving in a downward channel, and after reaching the resistance line, a reversal begins to form. The technical indicators maintain a weakening buy signal.

Resistance levels: 0.6765, 0.6970 | Support levels: 0.6600, 0.6410

Re: Market Update by Solidecn.com

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

Crude Oil Price Suffers Strong Losses

Crude oil price ended last Friday with strong negativity to settle at 76.05 level, starting today with additional strong decline to break the mentioned level and reach 74 areas now, which pushes the price to suffer more expected losses in the upcoming period, opening the way to head towards 72.60 areas as a next main station.

https://i.ibb.co/kyQLBhP/usoil-1.png

Therefore, the bearish bias will be expected for today, supported by the negative pressure formed by the EMA50, taking into consideration that breaching 76.05 will stop the suggested decline and lead the price to attempt to recover again.

https://i.ibb.co/mywS1kc/usoil-2.png

The expected trading range for today is between 72 support and 75.7 resistance, and the expected trend for today is Bearish.

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