ASX 200 - Australian stock market continues its uptrend

Thus, the largest Australian financial conglomerate Commonwealth Bank of Australia today will present financial results for the third quarter, from which analysts expect a significant increase in revenue in the area of 12.02 billion Australian dollars, and the diversified company Wesfarmers Ltd., according to preliminary estimates, will record revenue at the level of 6.97 billion Australian dollars, up from 7.05 billion Australian dollars a quarter earlier. Earnings per share are projected in the region of 1.0 dollar, in line with the previous quarter.

On the daily chart of the asset, the price is trading within the global side channel, having reached the resistance line the day before, and the technical indicators keep a stable buy signal.

Support levels: 7170, 7000 | Resistance levels: 7280, 7440

BTCUSD - decline may continue

Like the rest of the cryptocurrency market, the BTC coin is experiencing the consequences of the bankruptcy of the FTX exchange, which risks causing a “domino effect” and leading to significant losses for other large companies in the digital sector. Currently, a direct consequence of this event is the loss of funds by millions of creditors and the financial problems of more than a dozen cryptocurrency platforms, including Galaxy Digital, Sequoia Capital, BlockFi, Crypto.com, and others. Investors are most wary of the current situation with a subsidiary of the Digital Currency Group: Genesis Global Capital offered investors to issue loans in cryptocurrencies at a high interest rate. This service was also used by the FTX exchange, secured by its own FTT token, and after its closure, the Digital Currency Group experienced a liquidity deficit of 1.0B dollars, which has not yet been closed. According to experts, the bankruptcy of the Digital Currency Group could have even more significant consequences for the cryptocurrency industry than the fall of FTX, as many digital enterprises will be deprived of the opportunity to raise additional capital. Community members understand this danger and are creating a fund under the auspices of the Binance exchange to support companies affected by the crisis. The total amount of funds allocated for this may reach several billion dollars, but whether they will help stabilize the market is still unknown.

Resistance levels: 17500, 19100, 20000 | Support levels: 15700, 15000, 13750

USDCHF Technical Analysis

The USDCHF pair fluctuates with calm positivity to approach 0.9500 barrier, noticing that the EMA50 forms continuous negative pressure against the price, to support he continuation of the expected bearish trend for the upcoming period, which its next targets located at 0.9355 followed by 0.93. Therefore, we will continue to suggest the bearish trend on the intraday basis unless breaching 0.9540 and holding with a daily close above it.

The expected trading range for today is between 0.9390 support and 0.9520 resistance, and the expected trend for today is Bearish.

XAGUSD - The price 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 developing, within which the wave (a) of ii has ended, the wave (b) of ii has formed, and the wave (c) of ii is developing.

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 21.70.

NZDUSD -Quotes remain within the downward channel

Thus, according to the report of Statistics New Zealand (Stats.nz), employment in the main sectors of the economy in October adjusted to 2.32M jobs, but the decrease in the indicator in the primary sectors was 1.7%, in the commodity-producing sector, growth reached 0.6%, while the service sector showed no change. Regarding age groups, the largest increase in the value was observed in the category of 15–19 years old, which added 18.5%, and the maximum outflow of workers was in the category of 25–29 years old, which amounted to –3.3%. Considering that the first category includes mainly part-time jobs, the increase in this category had little effect on economic activity. The situation in the asset may change tomorrow when the data on building permits is published, the positive dynamics of which reached 3.8% last month.

The trading instrument moves within the downward channel on the daily chart, steadily near the resistance line. Technical indicators maintain a stable buy signal, working out a slight correction.

Resistance levels: 0.6265, 0.6467 | Support levels: 0.61, 0.5878

ETHUSD - the cryptocurrency quotes remain under pressure

The main pressure on ETH over the past few days has been an unsuccessful joke by one of the blockchain developers with the nickname Cygaar. In an effort to assess the impact of social media posts on the crypto community, he hinted on Twitter that the ETH token would soon become insolvent. This post was supported by the heads of Tron Justin Sun and of Ethereum Vitalik Buterin. Investors took Cygaar's message as a warning, starting serious coin sales.

Technically, the pair continues to trade within the mid-term descending channel and now the price is at the middle line of the Bollinger Bands (1200). In case of a breakout of the level of 1250 (Murray [2/8]), the growth will be able to continue to the area of 1375 (Murray [3/8]) and 1500 (Murray [4/8]). The key mark for the "bears" is 1125 (Murray [1/8]), consolidation below which will allow the instrument to continue its decline to the levels of 1000 (Murray [0/8]), 875 (Murray [-1/8]).

Resistance levels: 1250, 1375, 1500 | Support levels: 1125, 1000, 875

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 third wave (3) develops. 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 0.6584.

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) started. Now, the first entry wave of the lower level i of 1 of (C) is developing, within which the wave (iii) of i has formed, and the wave (iv) of i is forming.

If the assumption is correct, the NZDUSD pair will grow to the area of 0.6465 – 0.66. In this scenario, critical stop loss level is 0.6053.

Crude Oil - Trades near the year’s low

The key factor determining the direction of dynamics in the oil market remains the discussion of the maximum price level for Russian oil, which has not yet been agreed upon. Despite additional negotiations and consultations, the Baltic countries and Poland strongly oppose the introduction of a limit of 65.0–70.0 dollars per barrel, insisting on a range of 30.0–40.0 dollars per barrel. The desire of the leading European countries to set a limit is natural since, despite public statements about the refusal to purchase Russian energy resources, it is virtually impossible to do without them, and the high cost will allow them to hope that official Moscow will continue to supply energy resources further. However, yesterday, Deputy Prime Minister of the Russian Federation Alexander Novak denied this assumption, saying that the government would stop cooperating with countries that supported the new pricing mechanism and intended to work only on market conditions while not ruling out a possible reduction in oil production if the offer exceeded demand. The head of the International Energy Agency, Fatih Birol, also pointed to the fall in oil production in Russia and suggested that in the first quarter of 2023 it could reach –2.0M barrels per day.

On the daily chart of the asset, the instrument is moving around the year’s low of 76.00, slightly correcting upwards, and the technical indicators confirm the likelihood of a local correction, weakening the sell signal.

Resistance levels: 81, 86.6 | Support levels: 77.35, 73.65

USDCAD - Growth is possible.

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

If the assumption is correct, the USDCAD pair will grow to the area of 1.3820–1.3978. In this scenario, critical stop loss level is 1.3314.

Gold price surpasses the first target

Gold price succeeded to surpass our first positive target at 1765 to confirm the continuation of the bullish wave on the intraday and short term basis, and the way is open to achieve our next target at 1786.5, and we suggest the continuation of the bullish bias to breach this level and achieve additional gains that reach 1812 areas.

Therefore, the bullish trend will remain valid for the upcoming period, supported by the EMA50 that carries the price from below, noting that the continuation of the bullish wave requires holding above 1765 and the most important above 1746.4.

The expected trading range for today is between 1760 support and 1795 resistance, and the expected trend for today is Bullish.