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Re: Market Update by Solidecn.com

GBPCAD forms new bullish channel

The GBPCAD pair formed minor bullish wave recently as appears on the chart, to support the chances of resuming the bullish attack, as the continuous stability of 1.6420 support line and stochastic attempt to provide the positive momentum allow us to expect targeting 1.6745 level soon, while surpassing it will increase the chances of providing strong pressures on 1.6930 barrier, to form the next main target for the bullish trades.

https://i.ibb.co/YLZBXzY/gbpcad.png

The expected trading range for today is between 1.6550 and 1.6745.

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 forming, within which the first wave of the lower level i of 5 has formed, a local correction has ended as the wave ii of 5, and the wave iii of 5 is developing.

If the assumption is correct, the USDCAD pair will grow to the area of 1.3978 – 1.4500. In this scenario, critical stop loss level is 1.3315.

https://i.ibb.co/2vhsxzm/usdcad.png

Re: Market Update by Solidecn.com

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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 wave of the lower level 1 of (3) is forming.

If the assumption is correct, the USDCHF pair will grow to the area of 0.9600–0.9900. In this scenario, critical stop loss level is 0.9081.

https://i.ibb.co/6P669kx/usdchf.png

Re: Market Update by Solidecn.com

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Dow Jones - The US stock market is preparing to continue its growth

Tesla Inc., an electric car maker, released financial results yesterday, with fourth-quarter revenue of 24.32 billion dollars, lower than forecast of 24.68 billion dollars, and with earnings per share of 1.19 dollars, higher than the previous quarter's figure of 1.05 dollars. In turn, technology giant IBM Corp. posted revenue of 16.70 billion dollars against a forecast of 16.13 billion dollars and earnings per share of 3.60 dollars, well above 1.81 dollars a quarter earlier.

Among the negative publications, one can single out yesterday's report of the manufacturer of aviation, space and military equipment, Boeing Co., whose quarterly revenue amounted to 19.98 billion dollars, an increase of 35.0% compared to the previous quarter. The company's recovery still failed to turn it into profit, with a loss per share of 1.75 dollars after -6.18 dollars per share in the previous quarter.

https://i.ibb.co/0jcN0W9/ym.png

On the daily chart, the index quotes continue corrective dynamics, again trying to overcome the channel's resistance line at 34160, and the technical indicators are in a state of uncertainty.

Support levels: 33300, 32500 | Resistance levels: 34160, 35300

Re: Market Update by Solidecn.com

XAUUSD - Growth is possible.

If the assumption is correct, the XAUUSD pair will grow to the area of 1990 – 2050. In this scenario, critical stop loss level is 1782.23.

https://i.ibb.co/gvS4b1s/gold.png

Re: Market Update by Solidecn.com

https://i.ibb.co/9YzHwgg/375x80.png

EURUSD gathers the positive momentum

The EURUSD pair provided slight negative trades yesterday to test the EMA50, noticing that stochastic gathers the positive momentum clearly, waiting to motivate the price to resume the main bullish trend, which targets 1.1030 as a next station.

https://i.ibb.co/Rzjr2Mf/eurusd.png

Therefore, our bullish overview will remain valid for the upcoming period, noting that breaking 1.0845 might press on the price to test 1.0745 areas before any new attempt to rise. The expected trading range for today is between 1.0800 support and 1.0970 resistance.

Re: Market Update by Solidecn.com

https://i.ibb.co/9YzHwgg/375x80.png

USDCAD breaks the support

The USDCAD pair succeeded to break 1.3350 level and closed the daily candlestick below it, which supports the continuation of our bearish overview efficiently for the upcoming sessions, opening the way to head towards our next target that reaches 1.3205.

https://i.ibb.co/Yc97vHQ/usdcad.png

The EMA50 continues to support the suggested bearish wave, which will remain valid unless breaching 1.3350 and holding above it again. The expected trading range for today is between 1.3260 support and 1.3400 resistance.

Re: Market Update by Solidecn.com

https://i.ibb.co/9YzHwgg/375x80.png

EURUSD Tests the Moving Average

The EURUSD pair continues to provide weak trades around the EMA50, noticing that stochastic attempts to provide positive signals, waiting to motivate the price to resume the bullish wave that targets 1.1030 as a next station.

https://i.ibb.co/WkJz427/eurusd.png

Therefore, the positive scenario will remain active as long as 1.0845 level remains intact, reminding you that breaking this level will put the price under intraday pressure to test 1.0745 areas before any new attempt to rise. The expected trading range for today is between 1.0800 support and 1.0960 resistance.

Re: Market Update by Solidecn.com

GBPUSD Needs Strong Positive Motive

The GBPUSD pair fluctuates within tight track since last Friday, settling above the EMA50 that forms good intraday support against the price, to keep our bullish overview that its targets start by breaching 1.2440 to open the way to head towards 1.2595.

https://i.ibb.co/Q9pDTyF/gbpusd.png

On the other hand, we should note that breaking 1.2320 will push the price to achieve some intraday bearish correction before turning back to resume the main bullish trend again. The expected trading range for today is between 1.2320 support and 1.2485 resistance.

Re: Market Update by Solidecn.com

https://i.ibb.co/9YzHwgg/375x80.png

Gold Technical Analysis

Gold price didn’t show any strong move since morning, and as long as the price is below 1936, our bearish overview will remain valid for today, supported by stochastic loss to the positive momentum, reminding you that our waited target is located at 1908.40.

https://i.ibb.co/xJJMSj2/gold.png

The expected trading range for today is between 1908 support and 1940 resistance.

Re: Market Update by Solidecn.com

https://i.ibb.co/9YzHwgg/375x80.png

GBPCAD holds above the support

The GBPCAD pair confirmed keeping the bullish attempts by providing new positive close above the minor bullish channel’s support line at 1.6470, to manage to renew the bullish rally and settle near 1.6555.

https://i.ibb.co/kSFFjF3/gbpcad.png

Now, stochastic attempt to provide the positive momentum allows us to suggest more positive attempts, to target 1.6680 level soon, while surpassing it will push the price to reach the additional stations at 1.6800 and 1.6930 levels. The expected trading range for today is between 1.6490 and 1.6680.

Re: Market Update by Solidecn.com

NZDUSD Breaks the Support

The NZDUSD pair broke the bullish channel’s support line clearly and turns to decline on the intraday basis, targeting visiting 0.6365 followed by 0.6275 levels as main negative targets.

https://i.ibb.co/HBdnKc2/nzdusd.png

Therefore, the bearish bias will be expected for today, and breaking 0.6430 will ease the mission of achieving the suggested targets, noting that breaching 0.6510 will stop the expected decline and lead the price to resume the main bullish track again. The expected trading range for today is between 0.6370 support and 0.6500 resistance.

Re: Market Update by Solidecn.com

https://i.ibb.co/9YzHwgg/375x80.png

Euro Area Q4 GDP Beats Estimates

Q4 GDP report from euro area just came out and turned out to be a positive surprise. Growth reached 0.1% QoQ while market expected a 0.1% QoQ drop. On annual basis, GDP growth reached 1.9% YoY (exp. 1.8% YoY), slightly slower than 2.1% YoY reported in Q3 2022. Simultaneously, Q4 GDP report from Italy was released and it also turned out to be better-than-expected. Italian GDP declined 0.1% QoQ in Q4 2022, but the market expected a 0.2% QoQ drop. On an annual basis growth reached 1.7% YoY (exp. 1.6% YoY).

https://i.ibb.co/6JYzxqc/eurusd.png

However, in spite of being a positive surprise, reports did not have much of an impact. EURUSD barely moved while DE30 ticked lower.

739 (edited by SolidECN 2023-02-01 09:25:53)

Re: Market Update by Solidecn.com

GBPCHF Begins to Decline

The GBPCHF pair surrendered to the domination of the bearish bias by providing new negative close below 1.1480 resistance and start forming new negative waves by reaching 1.1280.

https://www.linkpicture.com/q/gbpchf.png

The negative stability below the moving average 55 and stochastic additional negative momentum signals confirm the continuation of the negativity, to expect suffering additional losses soon by targeting 1.1210 followed by repeating the pressure on the additional support 1.1105. The expected trading range for today is between 1.1340 and 1.1210.

Re: Market Update by Solidecn.com

USDCHF Declines Again

The USDCHF pair couldn’t hold for long time above 0.9240 level, to trade with strong negativity and reach 0.9160 level now, which puts the price under expected additional negative pressure in the upcoming period, targeting visiting the recently recorded low at 0.9085 as a next negative station.

https://www.linkpicture.com/q/usdchf.png

Therefore, the bearish bias will be expected for today unless breaching 0.9240 and holding above it. The expected trading range for today is between 0.9085 support and 0.9210 resistance.

Re: Market Update by Solidecn.com

NZDUSD Still Negative

The NZDUSD pair settles below the EMA50 that forms negative pressure against the price, to keep the bearish trend active, waiting to head towards 0.6365 as a first target. Stochastic provides negative signals that support the expected decline, reminding you that the continuation of the bearish wave depends on the price stability below 0.6510.

https://www.linkpicture.com/q/nzdusd.png

The expected trading range for today is between 0.6370 support and 0.6480 resistance.

Re: Market Update by Solidecn.com

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EURGBP Continues to Rise

The EURGBP pair succeeded to resume the bullish attack to surpass 0.8870 level and provide positive close above it as appears on the chart, to record some additional gains by touching 0.8900 level.

https://www.linkpicture.com/q/eurgbp.png

Note that the main stability within the bullish channel and the major indicators attempt to provide the additional positive momentum support the positive attempts for the near term and medium term period, to keep waiting to achieve new gains that might start at 0.8925 and 0.8970. The expected trading range for today is between 0.8870 and 0.8970.

Re: Market Update by Solidecn.com

EURUSD Hits the Target

The EURUSD pair rallied upwards strongly to succeed achieving our waited target at 1.1030, moving within major bullish channel that supports the chances of achieving more rise in the upcoming period, noting that breaching the mentioned level will extend the bullish wave to reach 1.1185 areas.

https://www.linkpicture.com/q/eurusd_1.png

Therefore, the bullish trend scenario will remain suggested on the intraday and short term basis, noting that failing to breach 1.1030 might force the price to rebound bearishly and achieve some intraday bearish correction before turning back to rise again. The expected trading range for today is between 1.0950 support and 1.1110 resistance.

Re: Market Update by Solidecn.com

EURJPY Fluctuates Below the Barrier

The EURJPY pair repeated the weak sideways trades to settle below the additional barrier 142, which allows us to keep the bearish overview, reminding you that it is important to gather the negative momentum to ease the mission of declining towards the initial negative stations represented by 140.80 and 140.25.

https://www.linkpicture.com/q/eurjpy.png

The expected trading range for today is between 142.00 and 140.25.

Re: Market Update by Solidecn.com

Gold Technical Analysis

Gold price ended yesterday below the bullish channel’s support line that appears on the chart, to start bearish correction for the rise measured from 1616.65 to 1959.75, on its way to visit 1878.8 as a first correctional target.

https://www.linkpicture.com/q/gold_4.png

Therefore, we expect to witness more decline in the upcoming sessions, taking into consideration that breaching 1928.6 will stop the current negative pressure and lead the price to regain the main bullish trend again. The expected trading range for today is between 1890 support and 1930 resistance.

Re: Market Update by Solidecn.com

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Crude Oil Price Presses on the Support

Crude oil price attempts to break 75.65 level, to hint heading to achieve more decline in the upcoming sessions, organized inside the bearish channel that appears on the chart, to target 74.10 areas initially.

https://www.linkpicture.com/q/oil_2.png

Therefore, the bearish bias will be suggested for today, noting that breaching 76.2 will stop the expected decline and lead the price to recover and attempt to build bullish wave on the intraday basis. The expected trading range for today is between 73.8 support and 77 resistance.

Re: Market Update by Solidecn.com

AUDUSD Under the Negative Pressure

The AUDUSD pair found solid resistance around 0.7150 level, to rebound downwards clearly and head towards potential visit to the bullish channel’s support line, located now around 0.6920.

https://www.linkpicture.com/q/audusd.png

Therefore, the bearish bias will be expected for today, supported by moving below the EMA50, taking into consideration that breaching 0.7090 will stop the expected decline and lead the price to resume the main bullish wave. The expected trading range for today is between 0.6980 support and 0.7100 resistance.

Re: Market Update by Solidecn.com

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USDJPY consolidates below the resistance

The USDJPY pair settles below the resistance line formed at 128.90, noticing that stochastic loses its positive momentum clearly, while the EMA50 forms negative pressure against the price.

https://www.linkpicture.com/q/usdjpy_3.png

Therefore, these factors encourage us to continue suggesting the bearish trend that its next target located at 127.15, reminding you that it is important to hold below 128.90 to achieve the waited targets. The expected trading range for today is between 127.60 support and 129.20 resistance.

Re: Market Update by Solidecn.com

EURJPY Technical Analysis

The EURJPY pair started to form new correctional bullish wave to surpass the additional barrier 141.75 and notice recording some gains by touching 142.85 level.

https://www.linkpicture.com/q/eurjpy_1.png

Continuing to consolidate above the breached barrier reinforces the chances of renewing the correctional attempts for now, to expect targeting 143.60 and 144.00 levels, while gathering the additional negative momentum and crawling below 141.75 will activate the bearish track again, to increase the chances of crawling towards 141.10 followed by repeating the pressure on 140.25 obstacle.

The expected trading range for today is between 141.75 and 143.60.

Re: Market Update by Solidecn.com

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EURUSD Heads Towards the Second Target

The EURUSD pair broke 1.0830 level strongly to open the way to achieve more decline on the intraday basis, targeting testing 1.0745 as a next negative station, to keep the bearish bias dominant in the upcoming sessions.

https://www.linkpicture.com/q/eurusd_2.png

It is important to monitor the price when reaching the suggested target, as breaking it will push the price to achieve more decline that its next target reaches 1.0635, taking into consideration that breaching 1.0865 will stop the current negative pressure and lead the price to regain the main bullish trend again.

The expected trading range for today is between 1.0695 support and 1.0865 resistance.

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