AUDUSD - Key parameters of the Australian economy are declining

Thus, the index of manufacturing activity from AIG in November fell to 44.7 points from 49.6 points earlier, and the Manufacturing PMI amounted to 51.3 points, which is lower than 52.7 points earlier. The volume of investments also continues to decline: investments in production equipment in the third quarter lost 1.6%, and capital investments of individuals decreased by 0.6%. Even more critical is the 0.2% decline in retail sales in November after a positive 0.6% trend in October, which reflects a drop in buying activity due to rising prices.

On the daily chart of the asset, the trading instrument is moving within a downward channel and is preparing to break the range resistance line, and the technical indicators keep a buy signal.

Resistance levels: 0.6855, 0.705 | Support levels: 0.671, 0.653

CAC 40 - Decline in the bond market supports the position of the index

One of the leading indexes of the European economy, CAC 40, is trading at 6727, continuing the upward correction, which is supported by macroeconomic statistics and the situation on the bond market.

In November, inflation in France was fixed at 0.4%, which had almost no effect on the dynamics of the annual rate, which remained at the level of 6.2%. The Harmonized Consumer Price Index was 7.1%, which also coincides with the data of the previous month. The economic growth, which, contrary to expectations, has not yet slowed down, amounting to 0.2%, as in the previous assessment, and the Manufacturing PMI, which rose to 48.3 points from 47.2 points a month earlier for the first time since the beginning of autumn, should also be noted.

On the daily chart of the asset, quotes are trading above the resistance line of the descending corridor, and the technical indicators hold the buy signal.

Support levels: 6620, 6340 | Resistance levels: 6820, 7020

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 developing, within which the wave (iii) of v has formed, a local correction has ended as the wave (iv) of v, and the wave (v) 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 83.58.

EURUSD keeps its positive stability

The EURUSD pair ended last Friday above 1.0515 level after the mixed trades that it witnessed in the previous sessions, starting today with new bullish bias to resume the main bullish trend, approaching our first waited target at 1.0600, waiting for more rise to visit 1.0750 as a next main target. Therefore, the bullish trend scenario will remain valid and active for the upcoming period, supported by the EMA50, noting that it is important to hold above 1.0515 to continue the expected rise.

The expected trading range for today is between 1.0500 support and 1.0680 resistance, and the expected trend for today is Bullish.

GBPUSD Technical Analysis

The GBPUSD pair shows some bearish bias now to move below 1.2300, to achieve some temporary bearish correction, waiting to get positive motive that assists to push the price to resume the expected bullish trend for today, which depends on the price stability above 1.2130, reminding you that our next main target reaches 1.2465.

The expected trading range for today is between 1.22 support and 1.24 resistance, and the expected trend for today is Bullish.

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 (А) 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 1.0280.

USDCAD Achieves Strong Gains

USDCAD pair traded with strong positivity yesterday to breach 1.3500 and settles near 1.3600 barrier, to head towards achieving more expected gains in the upcoming sessions, on its ways to visit 1.3680 as a next main target. The EMA50 supports the expected rise, which will remain valid as long as 1.3500 level remains intact.

The expected trading range for today is between 1.3500 support and 1.3670 resistance, and the expected trend for today is Bullish.

XAGUSD - Silver Institute predicts metal supply shortage

The increasing gap between supply and demand in the market can also support the position of the asset: back in early October, the Silver Institute predicted that in 2022 the demand for the precious metal would increase by at least 5.0% and reach 1.11B ounces with a relatively constant supply, which will amount to 1.09B ounces, provoking an increase in prices. At the end of last week, experts revised their preliminary estimates of demand, raising it sharply by 16.0% to 1.21B ounces, which means an even greater shortage of supply, which, according to forecasts by the statistics portal Metals Focus, could reach 194.0 by the end of the year. Confirming the trend, the London Bullion Market Association reported a drop in silver stocks over the past year by a record 27.2%.

On the daily chart of the asset, the trading instrument continues the global correction, heading above the resistance line of the wide rising channel, and the technical indicators, despite the slowdown, keep a stable buy signal.

Resistance levels: 23.1, 24.4 | Support levels: 21.6, 19.8

Bitcoin is Trying to Avoid Losing Momentum

Bitcoin is trying to hold near $17,000 despite deteriorating sentiment on stock market indices. Analyst firm Glassnode reported that the major cryptocurrency has reached several important on-chain levels.

The average of realized losses was at new historical peaks at 0.60, indicating a progressive, unprecedented sell-off in the cryptocurrency market. Historically, these levels have proven to be opportunities for accumulation and heralded an impending rally by cryptocurrency bulls. The level of losses realized by the market since 2011 has become 14 times the level of realized gains. We also see a preserved '4-year cyclicality' in relation to the previous 'cryptocurrency winters' of 2011, 2015 and 2018.

The chart shows two on-chain metrics to better represent the network's cost basis, and which have been breached in previous bear markets. Balanced price (Balanced price, blue band) is an experimental attempt to capture the 'fair' valuation of Bitcoin by measuring the difference between the value investors paid for it and the value of liquidated Bitcoins (Transferred price).  The delta price (Delta price, purple band) is the difference between Bitcoin's realized capital and capitalization divided by circulating supply; the moving average refers to Bitcoin's total lifetime. In none of the previous besses did the price of Bitcoin fall below the 'Delta Price' (purple). Only for about 136 of the last 4518 BTC days was there a period where we could see the price 'touching' the balanced price. Currently, we see that both lines are between $15,500 and $12,000. Bitcoin's price briefly found itself near the balanced price after the collapse of FTX, but the bulls quickly reacted by taking the stock up. Throughout BTC's history, the balanced price has proven to be the ultimate support level for Bitcoin, below which declines have never occurred.

Bitcoin chart, M30 interval. The major cryptocurrency managed to hold the $17,000 level despite yesterday's dynamic sell-off, during which supply quickly pushed the bulls on the defensive and prevented it from reaching the $17,500 level. We also see that bitcoin continues to correlate with the NASDAQ index (yellow chart). Yesterday's declines on the indexes translated into sentiment in the cryptocurrency industry. As a result, Bitcoin has again slipped below the 200-session average (red line), and the next closest support is the levels at $16,800, where the 38.2 Fibonacci abolition of the upward wave that began in late November is located.

USDCAD - Growth is possible.

On the daily chart, the upward fifth wave of the higher level 5 and the wave (3) of 5 develop. 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 formation of the wave 5 of (5) has started, within which the wave i of 5 is developing.

If the assumption is correct, the USDCAD pair will grow to the area of 1.3978 – 1.45. In this scenario, critical stop loss level is 1.3222.

EURUSD crawls downwards

The EURUSD pair trades with calm negativity to move away from 1.0515 level, to hint continuing the decline on the intraday basis, targeting visiting 1.0425 followed by 1.0285 after breaking the previous level. Therefore, the bearish bias will be suggested for today, noting that failing to break 1.0425 will lead the price to build bullish wave and attempt to resume the correctional bullish trend again.

The expected trading range for today is between 1.0360 support and 1.0520 resistance, and the expected trend for today is Bearish.