official Market Update by Solidecn.com

[Solid ECN ✔️]

AUDUSD Technical Analysis

The AUDUSD pair attempts to return to the correctional bullish channel, waiting for more rise for the rest of the day, to keep the bullish trend scenario active as long as 0.6397 level remains intact, noting that our next main target is located at 0.6540.

The expected trading range for today is between 0.6360 support and 0.6480 resistance, and the expected trend for today is Bullish.
 

[Solid ECN ✔️]

EURUSD Technical Analysis

The EURUSD pair fluctuates at the intraday bearish channel’s resistance now, and the EMA50 meets this resistance to add more strength to it, to support the continuation of the expected bearish trend for today, which its next targets located at 0.9840 followed by 0.9700, while holding below 1 represents major condition to continue the expected decline.

 

 

The expected trading range for today is between 0.9800 support and 0.9970 resistance, and expected trend for today is Bearish.

[Solid ECN ✔️]

GBPCHF Hits the Resistance

The GBPCHF pair ended the correctional bullish attack by hitting key resistance at 1.1575, to increase the chances of its affect by the negative trades for the near term and medium-term period, and notice crawling towards 1.1410.

 

 

Stochastic attempts to provide the negative momentum will provide the price with new negative momentum, to reinforce the chances of declining and target 1.1285 followed by repeating the pressure on 1.1120 obstacle.

 

The expected trading range for today is between 1.1530 and 1.1300, and the expected trend for today is Bearish.

[Solid ECN ✔️]

GBPUSD Technical Analysis 

The GBPUSD pair broke the bullish channel’s support line strongly to confirm the continuation of the bearish trend domination on the intraday basis, opening the way to achieve bearish correction that its next target reaches 1.1130, making the bearish bias suggested for the rest of the day unless the price rallied to breach 1.1325 followed by 1.1400 levels and hold above them.

 

 

The expected trading range for today is between 1.1200 support and 1.1325 resistance, and the expected trend for today is Bearish.

[Solid ECN ✔️]

USDCHF Reactivates the Positive Scenario

The USDCHF pair rallied upwards yesterday to breach 0.9990 and settles above it, to reactivate the bullish trend scenario and head towards achieving gains that reach 1.0145. Therefore, expect to witness more bullish bias in the upcoming sessions supported by the EMA50 that carries the price from below, noting that holding above 0.9990 is important to continue the suggested bullish wave.

The expected trading range for today is between 0.9970 support and 1.0100 resistance, and the expected trend for today is Bullish. 
 

[Solid ECN ✔️]

USDCHF Hits the Target

The USDCHF pair succeeded to achieve our waited target at 1.0145 and found solid resistance there, to show some bearish bias now, facing contradiction between the technical factors that makes us prefer to stay aside until we get clearer signal for the next trend.

 

 

Note that breaching the above mentioned level will lead the price to achieve additional gains that reach 1.0200 direct, while breaking 1.0090 support will press on the price to continue the decline and head to test 0.9990 areas before any new attempt to rise.

 

The expected trading range for today is between 1.0040 support and 1.0190 resistance, and the expected trend for today is Neutral.

[Solid ECN ✔️]

AUDUSD Begins Positively

The AUDUSD pair opens today’s trading with clear positivity to head towards potential test to the broken neckline of the double top pattern that appears on the chart, waiting to resume the bearish wave that targets 0.6265 followed by 0.6170 levels as next main stations.

 

 

Until now, the bearish trend scenario still valid and active unless the price rallied to breach 0.6397 and hold above it, noting that the EMA50 supports the suggested decline. The expected trading range for today is between 0.6260 support and 0.6370 resistance, the expected trend for today is Bearish.

[Solid ECN ✔️]

USDCAD hits the first target

The USDCAD pair succeeded to achieve our first suggested positive target at 1.3775 and bounced downwards clearly from there, to approach testing the key support base 1.3680 by today’s open, affected by stochastic negativity that gets rid of its negative momentum clearly, while the EMA50 meets the mentioned support to add more strength to it.

Therefore, these factors encourage us to suggest the bullish bias for today, which its next target reaches 1.3860, noting that breaking 1.3680 will put the price under additional negative pressure and push the price to return to the correctional bearish trend again.

The expected trading range for today is between 1.3630 support and 1.3780 resistance, and the expected trend for today is Bullish. 
 

[Solid ECN ✔️]

USDJPY Breaches the Resistance

USDJPY pair traded positively yesterday to breach the bearish channel’s resistance and settles above it, to hint the attempt to regain the main bullish trend again, but we notice that stochastic lost its positive momentum clearly, to put the price under negative pressure by today’s open.
 

Therefore, the contradiction between the technical factors makes us prefer to stay aside until we get clearer signal for the next trend, noting that breaching 148.45 will lead the price to achieve more gains and head towards 150 areas initially, while breaking 147.17 will put the price under the correctional bearish pressure again, to target 146 followed by 144.20 levels as next negative stations.

The expected trading range for today is between 147.10 support and 148.90 resistance, and the expected trend for today is Neutral.

[Solid ECN ✔️]

Euro Declines on Profit-taking after Biggest Daily Profit Since 2015

Euro fell in European trade against a basket of major rivals on profit-taking after marking the biggest profit since late 2015 against dollar, however risks continue to surround the common currency. The dollar was boosted as well amid risk-averse sentiment with China asserting its commitment to strict Covid 19 restrictions, dashing hopes of reopening  the world's second largest economy. 

EURUSD fell lover 0.5% to 0.9902, after closing up 2.2% on Friday, the first profit in five days, and the largest since December 2015.

Standing Risks
The divergent levels of European and US interest rates are ongoing risks that continue hurting euro's standing, in addition to high energy costs and natural gas shortages. A historic increase in energy prices sent inflation considerably higher and hurt economic growth and the trade flow.

Lagarde
ECB President Christine Lagarde is preparing to present a speech organized by the European Commission in Belgium, which might offer fresh clues on the future of interest rates in the euro zone. Lagarde also noted the extremely higher inflation rates all over the euro zone, which remain far from the 2% targets.

 

The Dollar
The dollar index rose over 0.4% on Monday, recouping some of its hefty losses on Friday against a basket of major rivals. The dollar swooned on Friday after four Fed policymakers said they're considering raising interest rates at the next December meeting by a lower amount compared to the previous meeting.

[Solid ECN ✔️]

GBPUSD - The market is concerned about Sunak's rhetoric to phase out fossil fuels

 

Yesterday, the media circulated excerpts from a statement by British Prime Minister Rishi Sunak, with which he intends to speak at today's 27th United Nations (UN) climate change conference. So, the position of the office is based on the rejection of fossil fuels in favor of renewable energy sources and that the United Kingdom is ready to work with foreign allies on the issue of an early "green transition." It may mean that the country will continue the policy of quickly abandoning oil and gas, which threatens serious economic problems. Sunak called the fight against inflation the key task for the government, which reached 10.1%, and not the pursuit of the well-being of citizens.

 

 

The instrument is kept within the long-term downward channel, trading near the resistance line.

 

Resistance levels: 1.146, 1.1756 | Support levels: 1.1154, 1.084

 

[Solid ECN ✔️]

The EURUSD Achieves Strong Gains

The EURUSD pair ended last Friday with strong positivity, settling above 0.9900 barrier, to reinforce the chances of continuing the rise in the upcoming period, waiting to test 1 level as a next station, noting that breaching this level will lead the price to achieve additional gains that reach 1.0165. Therefore, the bullish bias will be suggested for today, noting that breaking 0.9870 will stop the positive scenario and press on the price to decline again, to head towards visiting 0.9755 initially.

The expected trading range for today is between 0.9870 support and 1.0030 resistance, and the expected trend for today is Bullish. 

[Solid ECN ✔️]

USDJPY Under the Negative Pressure

The USDJPY pair faced negative pressure in the previous sessions to break 147.17 level and close the daily candlestick below it, which puts the price under more expected negative pressure in the upcoming sessions, as it returns to the correctional bearish channel to head towards visiting 146 followed by 144.20 levels as next main targets.

Therefore, the bearish trend will be suggested for today, noting that consolidating above 147.17 will stop the expected negative scenario and lead the price to recover again. The expected trading range for today is between 146.40 support and 147.90 resistance, and the expected trend for today is Bearish. 
 

[Solid ECN ✔️]

USDCAD Completes Negative Pattern

USDCAD pair ended last Friday below 1.3500 level after the sharp decline that it witnessed in the previous sessions, affected by the strong positive employment data from the Canadian economy, and by taking a deeper look at the chart, we find that the price completed forming head and shoulders’ pattern that its confirmation line located at the mentioned level.

Therefore, we expect to face additional negative pressures in the upcoming period, and the targets begin by surpassing 1.3500 support line to open the way to head towards 1.3350 followed by 1.3205 levels, taking into consideration that the consolidation of the mentioned support against the current negative pressure will lead the price to start recovery attempts that target testing 1.3680 areas initially.

The expected trading range for today is between 1.3440 support and 1.3590 resistance, and the expected trend for today is Bearish. 
 

[Solid ECN ✔️]

GBPJPY Records Some Targets

 

The GBPJPY pair succeeded to breach 166.80 level, to form strong bullish rally and notice achieving many positive targets by touching 169.10 level, while the price might form sideways fluctuation until gathering the additional positive momentum that will assist to resume the rise and reach the additional targets near 169.65 and 170.50.

 

 

The above chart shows that stochastic begins to form bullish waves to approach 50 level, to increase the chances of gaining the required positive momentum to achieve the suggested targets. 

 

The expected trading range for today is between 167.80 and 169.65, and the expected trend for today is Bullish.

 

[Solid ECN ✔️]

AUDUSD awaits more rise

The AUDUSD pair settles around 0.6470 level, and the price needs to get positive momentum that assists to push trades to continue rising and achieve our next positive target at 0.6540. In general, we will continue to suggest the bullish trend unless breaking 0.6397 and holding below it, noting that the EMA50 continues to support the expected bullish wave.

The expected trading range for today is between 0.6420 support and 0.6540 resistance, and the expected trend for today is Bullish. 

[Solid ECN ✔️]

USDJPY - Japanese currency retains its advantage

This morning, the Bank of Japan published a summary of opinions – a survey of regulator officials in all areas of the economy. Their points of view often turn out to be correct in the long run, and this time almost all participants in the discussion noted a positive trend: it is expected that the purchasing power of household incomes will continue to grow and slow down slightly only next year. At the same time, the maximum value of the inflation indicator is estimated at 3.0%, and by mid-2023, it is projected to decline to 2.0%. The regulator does not intend to change the dovish rhetoric and will likely maintain a policy of negative interest rates at subsequent meetings. In turn, the index of household spending in September increased by 1.8% after falling by 1.7% in August, which was reflected in the growth of the annual value, which now added 2.3%, and the average wage in October – 2 .1% after rising 1.7% last month.

 

 

The trading instrument moves within the global uptrend, smoothly reversing downwards.

 

Resistance levels: 148.25, 151 | Support levels: 145, 141.5

 

[Solid ECN ✔️]

USDCHF hits the negative target

The USDCHF pair managed to touch the waited negative target at 0.990 and achieved negative close below it, to support the chances of continuing the bearish bias in the upcoming sessions, paving the way to head towards 0.9815 as a next target. Therefore, we expect to witness more decline today, noting that failing to consolidate below 0.9890 will lead the price to start intraday bullish wave that targets testing 0.9990 areas initially.

 

 

The expected trading range for today is between 0.9830 support and 0.9970 resistance, and the expected trend for today is Bearish.

[Solid ECN ✔️]

Dow Jones - US stock market continues to rise

Quotes of stock indicators took advantage of the slowdown in the bond market and continue to grow after the publication of positive corporate reports. According to financial company Refinitiv Lipper, the average value of shares of US funds increased by 8.7% in October, which served as a catalyst for the DJIA quotes to strengthen by 14.0% during the month.

 

 

Index quotes continue corrective dynamics, rising in the direction of the daily channel resistance line.

 

Support levels: 32000, 30650 | Resistance levels: 33300, 34300

 

[Solid ECN ✔️]

USDCAD presses on the neckline

The USDCAD pair hovers around 1.3500 level and attempts to consolidate below it, to support the continuation of the expected correctional bearish trend for the upcoming period, affected by the head and shoulders’ pattern that its signs appear on the chart, waiting to resume the negative trades to head towards our next target at 1.3350.

Stochastic begins to lose the positive momentum gradually to support the expected decline, noting that failing to hold below 1.3500 might push the price to achieve intraday gains and head to visit 1.3605 followed by 1.3680 areas before any new attempt to decline.

The expected trading range for today is between 1.3430 support and 1.3570 resistance, and the expected trend for today is Bearish.