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Re: Market Update by Solidecn.com

AUDUSD Awaits more Rise

The AUDUSD pair faced temporary negative pressure in the previous sessions to lean on the intraday support line that appears on the chart and begins rising now, accompanied by witnessing positive signals through stochastic, waiting to motivate the price to provide more positive trades on the intraday and short term basis, reminding you that our next target is located at 0.7080.

https://i.ibb.co/1JyZR7S/audusd.png

Therefore, our bullish overview will remain valid conditioned by the price stability above 0.6915. The expected trading range for today is between 0.6920 support and 0.7040 resistance.

Re: Market Update by Solidecn.com

GBPUSD Technical Analysis

The GBPUSD pair shows calm trades since morning, and AC provides the positive signals, waiting to resume the bullish trend that targets 1.2440 level as a next main station, reminding you that the continuation of the bullish wave depends on the price stability above 1.2150.

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

The expected trading range for today is between 1.2130 support and 1.2290 resistance.

Re: Market Update by Solidecn.com

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ETHUSD - Technical analysis

The price left the sideways range of 1325 – 1090, where it had been trading for about two months, and reached 1566.40. Further growth of quotations is possible around November highs to 1650, the breakdown of which may cause an increase around 1875 (Murrey level [3/8] for W1). If 1500 (Murrey level [8/8]) is broken down, the decline may resume to 1375 (Murrey level [6/8], Fibonacci retracement 50.0%) and 1312.5 (Murrey level [5/8], Fibonacci retracement 38 .2%, the middle line of Bollinger bands).

https://i.ibb.co/rxXNGbW/eth.png

Resistance levels: 1650, 1875 | Support levels: 1500, 1375, 1312.5

Re: Market Update by Solidecn.com

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 wave 5 of (3) is developing, within which the wave i of 5 has appeared, a local correction has ended as the wave ii of 5, and the formation of the wave iii of 5 is starting.

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 1.3315.

https://i.ibb.co/g3kZ8hh/usdcad.png

Re: Market Update by Solidecn.com

USDCHF - Growth is possible

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

If the assumption is correct, the USDCHF pair will grow to the area of 0.99 – 1.0147. In this scenario, critical stop loss level is 0.9164.

https://i.ibb.co/Ntp2c0X/usdchf.png

Re: Market Update by Solidecn.com

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AUDUSD - Australian construction sector remains under pressure

Significant problems in the national economy constrain the positive dynamics of the Australian currency: another negative signal came from the real estate sector, where the Q4 total volume of commissioning of new housing decreased by 5.2% to 45.489K, and the indicator in the private sector – by 4.9 % to 28.895K. Construction in other housing projects fell by 5.2%, amounting to 15.618K, and the total cost of work performed in the industry increased by 1.5%, reaching 30.6B Australian dollars. After the June reversal of the trend, the indicators of the construction sector are declining, approaching the historical lows of the pandemic 2020.

https://i.ibb.co/7y4mRCB/audusd.png

On the daily chart of the asset, the trading instrument is moving within a narrow upward corridor, rising in the direction of the resistance line, and the technical indicators strengthen the buy signal.

Resistance levels: 0.7048, 0.7257 | Support levels: 0.6915, 0.6719

Re: Market Update by Solidecn.com

Crude Oil - OPEC expects growth in global oil production

According to OPEC estimates, the trend for the recovery of quotations of "black gold" can be continued against the background of an increase in production. According to preliminary data, by the end of 2022, production will increase by 1.9M barrels per day by countries outside the cartel, and the forecast for 2023 suggests that the indicator will add another 1.5M barrels per day, reaching 67.2M barrels. It is expected that the USA, Canada and Brazil will remain the leaders in the production of "black gold", while in Norway and Thailand it will decrease slightly.

According to Bloomberg, despite the restrictions, Russian oil supplies by sea last week reached a maximum since April 2022 of 3.8M barrels per day. China, India and Turkey stand out among the main destinations, while Bulgaria remains the only port of shipment to the EU.

https://i.ibb.co/P5s94X6/oil.png

On the daily chart, the price is trading in a narrow sideways range, moving away from the lows of the year at the level of 70.5. The technical indicators confirm the high probability of continued corrective growth, strengthening the buy signal.

Support levels: 78.44, 70.5 | Resistance levels: 83.28, 92.2

Re: Market Update by Solidecn.com

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XRPUSD - The pair has stabilized after a week of growth

In general, investor enthusiasm has somewhat weakened, and the cryptocurrency market has stabilized in anticipation of new drivers of movement. Currently, further price growth is hindered by uncertainty over the US Securities and Exchange Commission (SEC) lawsuit against Ripple. Recall that the regulator insists that the XRP token is an unregistered security, which the company does not agree with. Now the parties have submitted to the court the final versions of their arguments, but no decision has been made yet. The cryptocurrency community estimates Ripple's chances of a successful outcome of the case as high, but even in this case, new lawsuits by the department against the company are not excluded.

Investors are also concerned about the new management of the bankrupt FTX exchange gaining access to assets worth 5.5B dollars, a certain share of which are XRP tokens. It is assumed that they will be used to compensate customers for losses and can be sold, which will put additional pressure on the pair. 

https://i.ibb.co/xXcTXjt/xrp.png

The key for the "bulls" is the level of 0.3906 (Murray level [8/8]), consolidation above which will give the prospect of further growth to the area of 0.4150 (Murray level [+2/8]) and 0.4330 (Fibo retracement 23.6%). The resumption of a serious decline should be expected when the 0.3540 mark is broken down (Murray level [5/8], the middle line of the Bollinger Bands), and in this case the quotes will be able to reach 0.3296 (Murray level [3/8]), 0.3174 (Murray level [2/8]).

Resistance levels: 0.3906, 0.4150, 0.4330 | Support levels: 0.3540, 0.3296, 0.3174

Re: Market Update by Solidecn.com

NZDUSD Touches the Second Target

The NZDUSD pair managed to touch our second waited target at 0.6510 and bounced downwards clearly from there, to test the intraday bullish channel’s support line now, accompanied by witnessing positive signals through stochastic, waiting to motivate the price to resume the bullish wave that its next target reaches 0.6600.

https://i.ibb.co/7Ngdskb/nzdusd.png

Therefore, we suggest the continuation of the main positive scenario, noting that failing to consolidate above 0.6415 will put the price under additional negative pressure that targets 0.6345 followed by 0.6275 levels as next main stations. The expected trading range for today is between 0.6360 support and 0.6500 resistance

Re: Market Update by Solidecn.com

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Shares of Tesla are at 128.

On the daily chart, the price is trying to consolidate within the corrective trend, trading within the corridor with dynamic boundaries of 139 – 126. On the four-hour chart, the upside potential is relatively small, despite holding above the 23.6% Fibonacci initial retracement at 125.

https://i.ibb.co/c63PDQ1/tsla.png

Soon, an attempt to break this level and reduce quotes may follow. Otherwise, a scenario with local growth and achieving the base correction level of 38.2% by Fibonacci around 139 is possible.

Re: Market Update by Solidecn.com

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AUDUSD - Growth is possible.

On the daily chart, the first wave of the higher level (1) formed, a downward correction formed as the second wave (2), and the third wave (3) develops, within which the first entry wave of the lower level i of 1 of (3) forms. Now, the wave (iii) of i has ended, a local correction has formed as the wave (iv) of i, and the wave (v) of i is forming.

If the assumption is correct, the AUDUSD pair will grow to the area of 0.7200–0.7464. In this scenario, critical stop loss level is 0.6860.

https://i.ibb.co/6cSDhk8/audusd.png

Re: Market Update by Solidecn.com

USDCAD - macroeconomic statistics did not support the position of the Canadian currency

The industrial goods price index lost 1.1% in December, exceeding the previous month's –0.5% decline, with annual growth slowing to 7.6% from 9.4% earlier. The value for commodities declined 3.1% after the –0.8% correction in November and from 7.9% to 7.5% YoY. The main reason for the negative dynamics is the fall in oil prices on world exchanges, where quotes of the benchmark Brent Crude Oil fell to 86.00.

The US dollar fell below the key support level of 102.000 in the USD Index against the negative statistics from the housing market: the volume of construction of new houses in December amounted to 1.382M, which was lower than 1.401M earlier, and the number of building permits issued amounted to 1.330M compared to 1.351M in November. Investors ignored data on initial jobless claims, which fell to 190.0K from 205.0K in a week.

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

On the daily chart, the trading instrument is growing within the global Triangle pattern with dynamic boundaries 1.3620–1.3300 towards the resistance line, and the technical indicators maintain a sell signal and hint at a correction.

Resistance levels: 1.3523, 1.3697 | Support levels: 1.3409, 1.3224

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EURGBP Takes Advantage of the Additional Support Line Stability

The EURGBP pair faced additional negative pressures to form strong negative waves and suffer some losses by crawling towards 0.8722, to face additional support and settle above it, noting that the main stability within the bullish channel that appears on the chart allows us to wait to gather the additional positive momentum to manage to form bullish waves and target 0.8820 followed by pressing on 0.8880 barrier in order to find a way to resume the bullish rally in the upcoming period.

https://i.ibb.co/N6nWr0G/eurgbp.png

The expected trading range for today is between 0.8740 and 0.8820.

Re: Market Update by Solidecn.com

BTCUSD - The pair's upside potential remains

Positive sentiment associated with monetary factors still prevails. Investors are confident that against the backdrop of declining inflationary pressures, the US regulator will start raising interest rates less rapidly, reducing the increment to 25 basis points from 50 basis points. These actions should lead to a decrease in support for the US currency and at the same time reduce the likelihood of the US economy going into recession, which increases the risk appetite of investors.

https://i.ibb.co/KX0YJKn/btc.png

The price corrected to the level of 22500 (Murrey level [6/8]), a breakdown of which will give the prospect of developing a decline to the levels of 21250 (Murrey level [5/8], Fibonacci retracement 61.8%) and 20000 (Murrey level [4/8], Fibonacci retracement 38.2%). The key level for the "bulls" remains the level of 23400, consolidation above which will ensure growth to the levels of 25000 (Murrey level [8/8]) and 26250 (Murrey level [+1/8]).

Resistance levels: 23400, 25000, 26250 | Support levels: 22500, 21250, 20000

Re: Market Update by Solidecn.com

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Crude Oil - Saudi authorities have announced their readiness to trade not only in US dollars

Quotes are gradually recovering against the backdrop of fundamental news: investors are reacting to the recent statement by the Minister of Finance of Saudi Arabia, Mohammed Al-Jadaan, made by him during his speech at the World Economic Forum (WEF) in Davos. The official said that for the first time in 48 years, his country is ready to consider proposals for international trade in currencies other than the US dollar. This statement supported the recent global de-dollarization trend, a support factor for the black gold market, creating an opportunity for more independent pricing to emerge.

https://i.ibb.co/VSmq6Gm/oil.png

Another factor of local support for oil prices was the statement by US Treasury Secretary Janet Yellen, who noted that the introduction of a price limit for petroleum products from the Russian Federation is a much more complicated process than the previously introduced limit on the cost of raw materials since there are a lot of their types, and each has a dynamic price, which makes it difficult to establish specific values, and it will take considerable time to develop the final rules. The new restrictions could be formalized as early as February.

On the daily chart, the trading instrument is moving within a downward corridor, approaching its resistance line at 87.30, and the technical indicators reinforce the buy signal.

Resistance levels: 89.3, 97.7 | Support levels: 84.8, 76.7

Re: Market Update by Solidecn.com

GBPUSD - Growth is possible.

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

If the assumption is correct, the GBPUSD pair will grow to the area of 1.2900–1.3500. In this scenario, critical stop loss level is 1.1835.

https://i.ibb.co/3vdWnD8/gbpusd.png

Re: Market Update by Solidecn.com

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EURJPY Keeps the Bearish Bias

EURJPY pair provided negative close below the additional barrier 142 yesterday, to increase the chances of activating the negative attack again, while the current weak trades are caused by stochastic contradiction against the moving average 55 that provides negative signals by settling below the mentioned barrier.

https://i.ibb.co/BwbftY4/eurjpy.png

These factors allow us to expect forming temporary sideways fluctuation until gathering the additional negative momentum to ease the mission of starting the negative attack and press on 140.25 level soon, while breaking it will confirm the continuation of the negativity by targeting 139.4 and 138.2 levels.

Re: Market Update by Solidecn.com

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

On the daily chart, a downward correction of the higher level ended as the second wave (2), and the third wave (3) forms, within which the entry first wave of the lower level 1 of (3) develops. Now, the wave iii of 1 has formed, and a local correction is ending to develop as the wave iv of 1, within which the wave (c) of iv is developing.

If the assumption is correct, the XAGUSD pair will grow to the area of 26 – 27. In this scenario, critical stop loss level is 21.80.

https://i.ibb.co/n7v8F4W/silver.png

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

On the daily chart, the third wave of the higher level 3 ended, and a downward correction develops as the fourth wave 4, within which the wave of the lower level a of 4 formed. Now, the wave b of 4 has ended, and the wave c of 4 is forming, within which the wave (iv) of c is developing.

If the assumption is correct, the USDJPY pair will fall to the area of 121.67 – 118. In this scenario, critical stop loss level is 134.54.

https://i.ibb.co/HhZB5Qd/usdjpy.png

Re: Market Update by Solidecn.com

EUR Drops After French and German PMIs

Flash PMI indices for January from France and Germany were released today at 8:15 am GMT and 8:30 am GMT, respectively. French release turned out to be mixed - the manufacturing index showed a big beat and returned above the 50 threshold while the services index missed expectations and moved deeper into contraction territory. Similarly mixed results were shown by German reading. However, in this case manufacturing data missed expectations while services gauge beat and moved back above 50 point threshold.

France
Manufacturing: 50.8 vs 49.7 expected (49.2 previously)
Services: 49.2 vs 49.9 expected (49.5 previously)

Germany
Manufacturing: 47.0 vs 47.8 expected: (47.1 previously)
Services: 50.4 vs 49.6 expected (49.2 previously)

https://i.ibb.co/T1x4v6D/eurusd.png

EURUSD moved lower in a knee-jerk move following the French release but this drop was quickly erased while European indices moved higher. However, upward move on EURUSD was entirely erased following release of German data. DE30 erased big part of the gain but continues to trade slightly above pre-announcement levels.

EURUSD took a hit following release of German PMI data and is looking back towards the 1.0860 support zone.

Re: Market Update by Solidecn.com

USDCHF Negotiates the Resistance

USDCHF pair provided new positive trades to test the bearish channel’s resistance, noticing that stochastic shows new negative signals now, waiting to motivate the price to resume the main bearish trend, which its targets begin at 0.9100 and extend to 0.9100.

https://i.ibb.co/kScrd7J/usdchf.png

We remind you that breaching 0.9230 will push the price to start bullish correction that its targets begin by testing 0.9335 areas. The expected trading range for today is between 0.9140 support and 0.9275 resistance.

Re: Market Update by Solidecn.com

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ETHUSD - Murray analysis

Since the beginning of this year, the ETHUSD pair has been growing within the framework of a general market uptrend: last week, for the first time since September, the quotes rose to the area of 1678.7, but now they have lost some of the positions they won, dropping to the level of 1625 (Murray level [5/8]).

https://i.ibb.co/rGLp2xv/eth.png

The key for the "bulls" is currently the level of 1650 (Fibo retracement 23.6%), consolidation above it will give the prospect of further growth to the levels of 1750 (Murray level [6/8]) and 1875 (Murray level [7/8]). In general, the upward trend in the market remains, as evidenced by the upward reversal of the Bollinger Bands and the increase in the MACD histogram in the positive zone. The Stochastic's exit from the overbought zone does not exclude a corrective decline, but its potential is seen as limited by the 1500 mark (Murray level [4/8], the middle line of the Bollinger Bands). If the price consolidates below this level, the decline will be able to continue to the area of 1375 (Murray level [3/8]) and 1250 (Murray level [2/8]), but so far this scenario seems less likely.     

Resistance levels: 1650, 1750, 1875 | Support levels: 1500, 1375, 1250

Re: Market Update by Solidecn.com

Soy Technical Analysis

Bearish Scenario:
Soyabeans is trading in the upward channel, noting the AO indicator shows negative signals waiting to motivate the bears to confrim the break of the main bullish trend 1477.45 support (Fibo retracement 38.2) which extends to 1465.42 - 1456.05 (Fibo retracement 50).

https://i.ibb.co/YXyJYvK/soy.png

Bullish Scenario:
We see a hammer candle in 12 hours chart which can indicate trend reversal. Breaching MA 50 would push the price to continue the bullish trend that its targets begin by testing 1511.8 - 1520.16.

Re: Market Update by Solidecn.com

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XRPUSD - Current trend

The XRPUSD pair has been growing within the general market trend since the beginning of this month, and this week has reached 0.4290 for the first time since November.

https://i.ibb.co/GdnbmgC/xrp.png

Currently, the quotes have corrected to the 0.4000 area, but the current short-term uptrend will be reversed only after the breakdown of the middle line of Bollinger bands in the 0.3780 area, and then the asset will be able to return to 0.3418 (Murrey level [6/8]) and 0.3174 (Murrey level [5/8]). The key "bullish" level is the resistance zone 0.4330–0.4395 (Fibonacci correction 23.6%, Murrey level [+2/8]), the breakout of which allows growth to 0.4750 and 0.5219 (Fibonacci correction 38.2%).

Resistance levels: 0.4395, 0.4750, 0.5219 | Support levels: 0.3780, 0.3418, 0.3174

Re: Market Update by Solidecn.com

USDCHF Exits the Bearish Channel

The USDCHF pair traded with strong positivity yesterday to breach the bearish channel’s resistance and settles above it, to head towards building expected correctional bullish wave in the upcoming sessions, targeting 0.9335 areas initially.

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

Therefore, the bullish bias will be suggested for today, taking into consideration that breaking 0.9195 will stop the expected rise and press on the price to resume the main bearish trend again. The expected trading range for today is between 0.9160 support and 0.9300 resistance.

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