official Solid ECN Securities - solidecn.com - Trust Score 4.8/5

[Solid ECN ✔️]

Chart of the Day - CHNComp

The Chinese National Health Commission announced a major easing of Covid curbs in the country today, including some restrictions that were in place for a long time. Asymptomatic patients as well as those with mild symptoms will now be allowed to self-quarantine at home instead of being moved to centralized quarantine camps. Negative Covid tests will no longer be required for cross-country travels as well as in most public venues. Movement restrictions in non-high risk zones will be removed while Chinese authorities will be more precise about what is a high-risk zone (rather than locking down whole communities). This is a major shift away from a strict Covid-zero policy that has been in place in China until now and sign that economic damage stemming from these policies as well as a social unrest triggered by them are a risk to CCP.

However, as media reports on easing of Covid restrictions have been making rounds for weeks now, the announcement triggered some profit taking. While Chinese indices, like CHNComp, jumped in a knee-jerk move, those gains were quickly pared and the index turned lower. 

Taking a look at the CHNComp chart at D1 interval, we can see that the index tested 200-session moving average today (purple line) but failed to break above. Index started to pull back after a failed test and is now trading almost 5% below daily high! However, there is still some room for declines to deepen until important support level are reached. The first such level can be found at the 23.6% retracement of a recent upward impulse (6,350 pts) while the second, and a more important one, can be found at a lower limit of a local market geometry (6,175 pts).

 

[Solid ECN ✔️]

Solid-Standard Account

The Solid Standard was designed for traders who favor trading in live market situations to take measures to a professional ECN/STP trading but rather not to pay fees.

The Solid-Standard account is a unique account on the MetaTrader 5 trading platform that links some of the best features of real-market ECN trading with compact light spreads with no charge. These accounts are ideal for studying to trade under interbank market conditions with minimum risk.

You can begin with as low as $10 and trade without commission while experiencing the benefits of tight spreads that adapt according to the current market conditions.

 

[Solid ECN ✔️]

Chart of the day - US100

US indices had another downbeat session in a row yesterday but the scale of declines was smaller than in previous two days when all major Wall Street benchmarks dropped more than 1%. Tech shares have once again lagged the most with Nasdaq index dropping 0.51% and Nasdaq-100 (US100) moving 0.45% lower.

Taking a look at the US100 chart at D1 interval, we can see that while the index saw some weakness in recent days and dropped 5% off December 1st peak, bearish momentum eased after prier reached support zone ranging above 11,500 pts handle. Downward move was halted at the 50-session moving average (green line) yesterday and today's retest of the aforementioned moving average also turned out to be a failure. Lower wicks of today's and yesterday's daily candlestick suggest that there is a strong bull camp in the 11,500 pts area and it is also a good place for a rebound from a technical point of few. However, one cannot rule out that we will have to wait until next week's Fed decision for the index to see a bigger move in either direction. In case bears regain control and push the index below the 11,500 pts price zone, the next support to watch can be found at the lower limit of the Overbalance structure (11,075 pts). On the other hand, should the index rebound from current levels, the 12,100 pts resistance zone, marked with recent local highs, will be a level to watch.

[Solid ECN ✔️]

ADAUSD - Murray analysis

This week, the price reached its upper limit, after which it resumed its decline, however, for its serious development, quotes will have to overcome the level of 0.2929 (Murray level [4/8], the area of November lows). In this case, the price will be able to reach 0.2685 (Murray level [-1/8]), 0.2441 (Murray level [-2/8]). The key for the "bulls" remains the level of 0.3418 (Murray level [2/8]), in case of its breakout, the price will leave the descending channel and will be able to rise to the area of 0.3906 (Murray level [4/8], Fibo retracement 38.2%), 0.4394 (Murray level [6/8], Fibo retracement 50.0%).

Technical indicators signal the continuation of the downward trend.

Resistance levels: 0.3418, 0.3906, 0.4394 | Support levels: 0.2929, 0.2685, 0.2441

[Solid ECN ✔️]

BTCUSD - the decision of the US Federal Reserve will determine the dynamics of "digital gold"

Last week, the BTCUSD pair fell to the 16700 area but then won back the losses and rose to 17200, where it has been trading over the past few sessions.

The cryptocurrency market remains uncertain: the bankruptcy of the FTX exchange is putting pressure on it, but monetary factors prevent a significant decrease in quotes. The liquidation of several large digital projects at once in six months caused serious damage to the sector, expressed in the loss of confidence in it and a decrease in investment. Thus, according to a survey of American citizens conducted by the CNBC channel, by the end of the year, the number of respondents who had a positive attitude towards digital assets adjusted to 8.0% from 19.0%, and after the Terraform and FTX bankruptcies, the number of respondents who were strongly negative about cryptocurrencies, rose from 25.0% to 43.0%. The situation with FTX did not go unnoticed by the authorities, which creates the possibility of tightening control over the activities of such sites, restraining the activity of its participants. State regulators are already checking messages for unfair advertising, and the US Securities and Exchange Commission (SEC) has required national businesses to publicly disclose the ownership of digital assets and report transactions with cryptocurrency market participants.

However, the negative fundamentals did not contribute to a sharp downward correction, as investors hope that the "hawkish" rhetoric of the US Fed will soften in the face of an emerging slowdown in price growth, which may cause the dollar to weaken against its main competitors. This week, analysts expect two major events – the publication of November inflation data and a meeting of the US regulator: if the consumer price index declines again, a decrease in interest rate growth to 50 basis points will become inevitable, and in the future, a short-term break in tightening of the monetary policy will become possible.

The trading instrument is near the resistance zone 17500 – 17830 (Murrey [6/8], Fibonacci correction 23.6%), the breakout of which will give the prospect of further growth to 19100 (Fibonacci correction 38.2%), 20000 (Murrey [8/8], Fibonacci retracement 50.0%). After the breakdown of the middle line of Bollinger bands around 16800, the decline may resume to 15700 (the area of November lows), 15000 (Murrey [4/8]), and 13750 (Murrey [3/8]).

Technical indicators signal a high probability of correction: Bollinger Bands and Stochastic are reversing upwards, and MACD is decreasing in the negative zone.

Resistance levels: 17830, 19100, 20000 | Support levels: 16800, 15700, 15000, 13750
 

[Solid ECN ✔️]

NZDUSD leans on the channel’s support

The NZDUSD pair faced temporary negative pressure to test the bullish channel’s support line, starting to rise now, to keep the main bullish trend valid, waiting to test 0.6467 as a first station, noting that breaching this level will extend the bullish wave to reach 0.6530. Therefore, we will continue to suggest the bullish trend for the upcoming period conditioned by the price stability above 0.6375 and 0.6345 levels.

The expected trading range for today is between 0.6345 support and 0.6480 resistance, and the expected trend for today is Bullish. 
 

[Solid ECN ✔️]

[Solid ECN ✔️]

ETHUSD - Developers announced the date of the Shanghai fork

Currently, the market is in a state of uncertainty, as the negative consequences associated with the bankruptcy of the FTX exchange are balanced by positive monetary factors and decisions on further updates of the Ethereum network. At the end of last week, the developers announced that the Shanghai fork, containing the possibility of withdrawing funds blocked in the Beacon Chain, is scheduled for March next year, which greatly reassured investors. The fact is that at the moment more than 15.5M ETH users are blocked in the Beacon Chain network, which is about 12.9% of the total volume of tokens, but there has not been accurate information on the timing of their withdrawal so far.

Investors are also waiting for the US Fed's interest rate decisions. In the event that the November inflation data confirm a further slowdown in price growth, the regulator will certainly slow down the pace of monetary policy tightening, and may think about temporarily suspending the adjustment of the value to assess the consequences of measures already taken to combat inflation, which may weaken the position of the US currency against its main competitors. Otherwise, the decline in quotations will be able to resume.

The ETHUSD pair continues to move horizontally in the 1290 - 1250 channel, consolidation of the price below its lower limit, supported by the middle line of the Bollinger Bands, will give the prospect of further decline to the levels of 1125 (Murray level [1/8]) and 1000 (Murray level [0/8]). In case of a breakout of the upper border of the channel and the upper line of the Bollinger Bands (1323), the growth up to the 1500 mark (Murray level [4/8]) is possible.

Resistance levels: 1290, 1323, 1500 | Support levels: 1250, 1125, 1000

[Solid ECN ✔️]

Solid-Micro Account

The main unique feature of Solid-Micro accounts is that the minimum trading volume starts from 0.001, while the trading conditions are similar to those for standard accounts. As a result, these account types suit both beginners and professionals, because they may help them test new trading strategies or Expert Advisors in market conditions without any significant financial investments.

> Minimum Deposit $5
> Minimum lot 0.001 lots (100 units)
> Leverage 1:1000

Feel free to open an account and start trading Forex with as low as $5!

 

[Solid ECN ✔️]

Solid ECN Web-Trader MetaTrader 5

The MetaTrader 5 Web platform allows you to start trading on the Forex, exchange and futures markets from any browser and operating system, including Windows, Mac and Linux. You can access the rich set of functions that are available in the MetaTrader 5 desktop platform directly on the web, which means you can analyze financial quotes and trade without downloading or installing any application. You can access your account and start trading in just a couple of clicks. Trading on the Web platform is safe, while any transmitted information is securely encrypted.

Open a free account at Solid ECN today.

• 1:1000 Leverage
• %30 Deposit Bonus
• Ultra-Fast Execution
• Negative Balance Protection
• Refund Policy

 

[Solid ECN ✔️]

Free Market Analysis Subscription

Solid ECN team delivers professional market analysis with both fundamental and technical aspects on a daily basis on 6 platforms.

• Website
• Email
• Linkedin
• Twitter
• Instagram
• Facebook

Feel free to sign up for a demo account to receive the latest market update to your inbox, or follow us on social networks.

Our analysis helps our clients to trade more efficiently, cut losses, and find the entry and exit points easier.

 

[Solid ECN ✔️]

Chart of the Day - EURGBP

Swiss National Bank has already announced a 50 bp rate hike but there are 2 more major central banks, who are also scheduled to make rate decision today and who are also expected to deliver 50 bp rate hikes - Bank of England (12:00 pm GMT) and European Central Bank (1:15 pm GMT). As both economists and money markets see 50 bp rate hike to be a done deal, market reaction will depend on the communications of the central bank a lot. This was the case with yesterday's FOMC decision and will be the case with BoE and ECB today as well. However, recent data suggests that there is a chance that ECB will deliver hawkish surprises and hiked by 75 basis points instead of 50 bp. On the other hand, cost of living crisis in the United Kingdom boosts odds for a softer stance from BoE.

Taking a look at EURGBP at D1 interval, we can see that the pair attempted to break below the 0.8580 support zone, marked with a 200-session moving average (purple line), but failed to do so. Pair is bouncing off the zone today and is expected to become much more volatile in the early afternoon when BoE and ECB announce their rate decisions. Should we see a hawkish surprise from ECB, the pair could spike towards the resistance zone in the 0.8700 area, especially if BoE delivers dovish surprise as well.
 

[Solid ECN ✔️]

Solid ECN Solution for Inflation

We have inflation concerns at Solid ECN Securities. Therefore we came up with an ultimate solution by providing multiple wallets to our customers. They can save their assets, investments, and profits in the most demanded currencies and cryptos.

> Euro wallet
> Bitcoin wallet
> US dollar wallet
> Pound sterling wallet
> Canadian dollar wallet

Solid ECN offers trading more than 250 products with a Bitcoin based account in a true ECN environment!

Feel free to open an account with Solid ECN, the best place to trade Forex, Commodities, Indices and cryptocurrencies.

[Solid ECN ✔️]

Platform

The popular trading platforms are narrowed to a few. We chose the newest and the most advanced platform that is available in the market, the MetaTrader 5!

Why MetaTrader 5?
Contrary to commune belief, MetaTrader 5 is not an upgrade of MT4. The MT4 platform was developed for trading in the Forex environment, whereas MT5 was coded for CFDs, Stocks, and futures access. To be short, MetaTrader 5 is for more experienced and advanced traders, but before we go with the MT5, at Solid ECN we ran a survey of the traders we know, and found out that most rookies and novice users are already with the MT5 platform, and for the first time the MT5 users have surpassed the MT4’s!

Major differences 

• MT4 has 9-time frames, whereas MT5 offers 21-time frames. More time frames assist technical analyzers to have a better conception of the market movement. 
• MT 4 has 4 pending orders, whereas MT5 provides 6 types of pending orders.
• MT 4 doesn’t have the market depth, but MT5 market depth is accessed within the chart. 
• MT5 has the Economic calendar on default.
• MT4 has 4 types of pending orders, whereas MT5 holds 6 types. 
• MT4 allows hedging only, whereas MT5 allows both hedging and netting on request.
• MT5 has 38 technical indicators, 44 analytical objects and unlimited charts 
• Partial order filling policies (fill/kill or cancel return) is another advantage of the MT5 for advanced traders. 
• The strategy tester of the MT5 platform is multi-threaded but MT4 is single-threaded.

MetaQuote corporation has been sending announcements about stopping MT4 updates. Therefore, we believe it was in the best interest of all parties to go with the MT5 platform!

 

[Solid ECN ✔️]

Refund Policy

There is no perfection in services online, and when funding is involved, we believe that the merchant should have a transparent refund policy. Solid ECN Securities acknowledges customer rights, and for that reason, we drafted the Solid-Refund policy. There are circumstances when it is essential to return payment. Clients may submit a refund petition if the merchant service was not as described or the service was not functional or if the client justifies the reason. 

We tried to make the money return policy concise, simple, and clear to give our customers a feeling of security. That is why we guarantee our services, and if it wasn’t as described the consumer has the right to apply for a money return. 

 

[Solid ECN ✔️]

Payment Methods

Solid ECN Securities added more than 50 cryptocurrencies to its payment system. Our clients at Solid ECN can manage their account funding by a wide range of cryptos, from bitcoin to Zilliqa, all are available in the Solid-Dashboard > Account funding.

Solid ECN took this step to offer cost-effective payment methods for its customers. The blockchain transfer fee of the major cryptocurrencies have been increasing, therefore, retails are interested in trying the alternatives. 

With Solid ECN, any trader can take advantage of +50 crypto payments. 

> It is secured;
> It is undisclosed;
> it is decentralized.

Solid ECN brings vital advantages for forex traders in the US, EU, and beyond. High levels of market transparency mean price manipulation is not possible.

[Solid ECN ✔️]

 

[Solid ECN ✔️]

Breaking: CAD Strengthens slightly after CPI data

• Canada’s annual inflation fell slightly to 6.8% YoY in November from 6.9% in October, above market expectations of 6.6%. 
• Today's report pointed to slowest pace of price growth since March. Consumer costs rose at a slower pace for transportation (8.5% vs 9.5% in October), largely due to a slower rise in gasoline prices (13.7% vs 17.8%) as the reopening of refineries in the western United States drove fuel prices in British Columbia and Alberta to ease. On a monthly basis, Canadian consumer prices rose by 0.1% in November, slowing from a 0.7% gain in the prior month.

Core consumer prices in Canada remain unchanged at 5.8 % in November.

Mortgage interest costs also moved higher, nevertheless markets perceived today's report as hawkish which makes it more likely the BoC will raise rates next month. Current pricing is near 50/50.

USDCAD fell slightly after CPI release and is approaching 1.3600 support.
 

[Solid ECN ✔️]

ADAUSD - Under pressure from general market negative factors

The ADAUSD pair is falling along with the main part of the cryptocurrency market, having tested 0.2441 (Murrey levels [2/8]) this week. The coin is under pressure from general market negative factors: the consequences of the bankruptcy of the FTX digital exchange and the results of the last meeting of the US Federal Reserve.

Last week, the US regulator confirmed the need to continue raising the interest rate and keep it at high levels until at least 2024: investors' expectations for softening hawkish rhetoric did not materialize, and the dollar resumed strengthening against alternative assets. The consequences of the cessation of FTX are expressed, first of all, in the loss of confidence on the part of traders: by the middle of this month, 200.0K BTC worth about 3.4B dollars were withdrawn from the market, not counting other tokens, and soon this process is more likely everything will continue. Also, many cryptocurrency companies associated with the platform are experiencing problems: for example, market maker Auros announced restructuring its activities due to the company losing access to 20.0M dollars blocked on the bankrupt crypto exchange. According to Coinbase's Cryptocurrency Market Outlook 2023 report, market conditions will continue to push investors to leave altcoins for safer currencies – BTC and ETH, and the price of ADA will remain under pressure in the medium term.

The trading instrument is moving within the long-term downward channel. Consolidation of the price below 0.2441 (Murrey levels [2/8]) will give the prospect of further decline to 0.2197 (Murrey levels [1/8]) and 0.1953 (Murrey levels [0/8]). The key "bullish" seems to be 0.2929 (Murrey levels [4/8], middle line of Bollinger bands). Its breakout will give the prospect of further growth to 0.3173 (Murrey levels [5/8]) and 0.3418 (Murrey levels [6/8], the upper limit of the downward channel).

Resistance levels: 0.2929, 0.3173, 0.3418 | Support levels: 0.2441, 0.2197, 0.1953.

[Solid ECN ✔️]

Payment Methods

Solid ECN Securities added more than 50 cryptocurrencies to its payment system. Our clients at Solid ECN can manage their account funding by a wide range of cryptos, from bitcoin to Zilliqa, all are available in the Solid-Dashboard > Account funding.

Solid ECN took this step to offer cost-effective payment methods for its customers. The blockchain transfer fee of the major cryptocurrencies have been increasing, therefore, retails are interested in trying the alternatives. 

With Solid ECN, any trader can take advantage of +50 crypto payments. 

> It is secured;
> It is undisclosed;
> it is decentralized.

Solid ECN brings vital advantages for forex traders in the US, EU, and beyond. High levels of market transparency mean price manipulation is not possible.