official Market Update by Solidecn.com

[Solid ECN ✔️]

Gold Price Awaits more Decline

Gold price settles below the broken support of the bearish flag pattern, to keep the negative effect of this pattern active, waiting to resume the bearish bias to head towards our main expected target at 1828.70. On the other hand, the price form new negative pattern that we expect to cause additional declines that surpass the mentioned level to head towards 1788.20 areas on the near term basis.

Therefore, we expect to witness more bearish bias on the intraday and short term basis, taking into consideration that breaching 1878.8 will stop the suggested decline and lead the price to attempt to regain the main bullish trend again. The expected trading range for today is between 1840 support and 1875 resistance.
 

[Solid ECN ✔️]

Crude Oil Completes Positive Pattern

Crude oil price approached the positive target mentioned in our last report at 80.40, showing some bearish bias by today’s open to test the support base formed at 78.90 after breaching it previously, and consolidating above this level is considered as the first condition to continue the bullish wave on the intraday basis. By taking a deeper look at the chart, we find that the price completed forming inverted head and shoulders’ pattern that surpasses 80.40 to reach 81.60 followed by 84.25 areas, to continue suggesting the bullish trend for the upcoming period.

The EMA50 provides the positive support to the price, to reinforce the continuation of the expected bullish trend, while stochastic might cause some sideways fluctuation and temporary negative trades before resuming the expected rise. Therefore, we expect to witness more rise in the upcoming sessions, noting that breaking 78.90 followed by 78.30 levels will stop the positive scenario and push the price to turn to decline.

The expected trading range for today is between 77.50 support and 81.30 resistance.
 

[Solid ECN ✔️]

NZDUSD Technical Analysis

The NZDUSD pair trades positively to test the key resistance 0.6340, reminding you that consolidating below this level is required to continue the expected negative scenario, which its targets begin by breaking 0.6290 to confirm opening the way to head towards 0.6210 followed by 0.6140 levels.

On the other hand, breaching 0.6340 will push the price to build new bullish wave that its targets begin by testing 0.6390 areas and extend to 0.6490. The expected trading range for today is between 0.6240 support and 0.6350 resistance. 
 

[Solid ECN ✔️]

EURGBP is Forced to Decline

The EURGBP price suffered strong negative pressures, which forces it to delay the bullish attack by reaching the extra support at 0.8875 to notice forming some of the negative waves by reaching 0.8825.

in spite of the main stability within the bullish channel’s levels but the continuation of providing negative closes below the broken support confirms its surrender to the bearish correctional bias domination, to expect reaching 0.8805 and surpassing this obstacle might extend the losses towards 0.8730, to face the moving average 55.

The expected trading range for today is between 0.8865 and 0.8805.
 

[Solid ECN ✔️]

EURJPY Prefers the Positivity

The EURJPY pair provided new bullish trading by its rally above the moving average 55 recording some extra gains by reaching 142.40, generally, we will keep our main bullish expectation depending on the stability of the extra support at 142.25, besides stochastic attempt to provide extra positive momentum, to increase the chances for resuming the rise and recording extra gains that might begin from 143.15 reaching the next main target at 144.05.

note that the attempt of the price decline below 140.25 level and holding below it will cancel the positive overview, to expect begin forming strong negative trading that might push it to suffer several losses by reaching 139.60 and 138.20. 

The expected trading range for today is between 141.10 and 142.40. 
 

[1Shot1Opportunity]

23 hours ago, Solid ECN said:

Gold Price Awaits more Decline

Gold price settles below the broken support of the bearish flag pattern, to keep the negative effect of this pattern active, waiting to resume the bearish bias to head towards our main expected target at 1828.70. On the other hand, the price form new negative pattern that we expect to cause additional declines that surpass the mentioned level to head towards 1788.20 areas on the near term basis.

Therefore, we expect to witness more bearish bias on the intraday and short term basis, taking into consideration that breaching 1878.8 will stop the suggested decline and lead the price to attempt to regain the main bullish trend again. The expected trading range for today is between 1840 support and 1875 resistance.
 

@Solid ECN cant we have a separate thread for gold/silver/commodities market analysis? I'm trading mostly commodities now rather than forex.

Thank you

[Solid ECN ✔️]

20 hours ago, 1Shot1Opportunity said:

@Solid ECN cant we have a separate thread for gold/silver/commodities market analysis? I'm trading mostly commodities now rather than forex.

Thank you

Hi,

Of course, maybe we can create a new thread for commodities. 

[Solid ECN ✔️]

USDCAD - Growth is possible.

If the assumption is correct, the USDCAD pair will grow to the area of 1.3691–1.3978. In this scenario, critical stop loss level is 1.3265.

 

[Solid ECN ✔️]

USDCHF - Growth is possible.

If the assumption is correct, the USDCHF pair will grow to the area of 0.9455 – 0.9600. In this scenario, critical stop loss level is 0.9140.

 

[Solid ECN ✔️]

AUDCAD Leans above the Additional Support

The AUDCAD pair lost the positive momentum, which forces it to form some of the bearish correctional rebound, to face the extra support at 0.9225 and settles above it, the continuation of the stability above this support besides providing positive momentum by stochastic exit from the oversold level, which will increase the chances for gathering positive momentum, to begin activating the bullish track by targeting 0.9345 level initially, then breaching the barrier near 0.9420.

while the price reach below the current support will force it to suffer extra losses by resuming the bearish correctional attempts, to expect reaching the critical support at 0.9130.
 

[Solid ECN ✔️]

AUDUSD consolidates below the resistance

The AUDUSD pair attempted to return to the main bullish channel but it consolidated below the resistance line formed at 0.7000 barrier, to start today with bearish bias and approach the key support 0.6925, waiting to break this level to confirm the continuation of the correctional bearish wave and head towards our negative targets that start at 0.6855 and extend to 0.6780.

The EMA50 forms negative pressure against the price to support the expectations to decline, besides stochastic that provides negative signals on the four hours’ time frame. Therefore, we are waiting for more expected decline in the upcoming sessions conditioned by the price stability below 0.7000. The expected trading range for today is between 0.6870 support and 0.7000 resistance
 

[Solid ECN ✔️]

Chart of the Day - GBPJPY

UK inflation data for January was released today at 7:00 am GMT. Release showed a bigger slowdown in price growth than expected, with headline CPI gauge moving down from 10.5 to 10.1% YoY (exp. 10.3% YoY). Core gauge dropped from 6.3 to 5.8% YoY (exp. 6.2% YoY). Unsurprisingly, lower inflation reading was taken as dovish with investors increasing bearish BoE bets. This, in turn, triggered a pull back on GBP market.

Taking a look at GBPJPY chart at H4 interval, we can see that the pair has managed to climb above the resistance zone ranging below 38.2% retracement of the downward move launched in October 2022 recently but this breakout was short-lived. Pair pulled back below it this morning but has bounced off the daily lows and it looks like another attempt to break above 38.2% retracement may be on the cards. However, if bulls fail and bears regain control, a deeper correction may be on the cards. In such a scenario, 156.76 zones will be a key support to watch. However, 23.6% retracement in the 159.30 area may also provide some support given that it saw numerous price reactions over the past 2 months.
 

[Solid ECN ✔️]

USDCHF Technical Analysis

The USDCHF pair provided new positive trades to test the key resistance 0.9250, showing bearish bias now to press on the EMA50, waiting to surpass this barrier to confirm the continuation of the expected bearish trend on the intraday basis, which its next targets located at 0.9120 followed by 0.9060.

Stochastic provides negative signals that we are waiting to support the continuation of the bearish bias in the upcoming sessions, reminding you that breaching 0.9250 will push the price to achieve additional gains and visit 0.9315 before detecting the next destination clearly.
 

[Solid ECN ✔️]

NZDUSD Technical Analysis

The NZDUSD pair confirmed breaking 0.6290 level after closing the daily candlestick below it, which supports the expectations of achieving more bearish correction on the intraday and short term basis, opening the way to head towards 0.6210 followed by 0.6140 levels as next main targets.

The EMA50 forms negative pressure that supports the continuation of the expected bearish trend, while stochastic begins to loses the positive momentum gradually. Therefore, we are waiting for more expected decline in the upcoming sessions, noting that the continuation of the bearish wave requires holding below 0.6290 and 0.6320 levels.
 

[Solid ECN ✔️]

Crude Oil Technical Analysis

Crude oil price bounced upwards clearly after the negative attempts that it witnessed yesterday, as it kept its stability above 78.00, to surpass 78.90 level and settles above it now, which leads the price to resume the bullish bias, affected by the inverted head and shoulders’ pattern, which has positive targets that start at 81.60 and extend to 84.25.

Therefore, the bullish trend will be expected for the upcoming sessions, supported by the EMA50 that carries the price from below, being aware that breaking 78.00 will cancel the mentioned positive formation and press on the price to turn to decline, to head towards visiting 75.65 areas mainly.
 

[Solid ECN ✔️]

Gold Technical Analysis

Gold price continued to decline to reach few pips away from the waited target at 1828.70, which represents 38.2% Fibonacci correction level for the rise measured from 1616.65 to 1959.77, which means that breaking it will push the price to visit the next correctional level at 1788.20.

Therefore, we suggest witnessing more bearish bias in the upcoming sessions, and the price needs negative motive that assists to achieve the required break and rally towards the suggested target. Taking into consideration that breaching 1878.80 will stop the negative scenario and push the price to rise again.
 

[Solid ECN ✔️]

USDJPY Technical Analysis

The USDJPY pair breached 133.30 level clearly and closed the daily candlestick above it, to open the way to continue the rise on the intraday and short term basis, to head towards achieving positive targets that start at 134.70 and extend to 135.70.

Therefore, we are waiting for more rise in the upcoming sessions, supported by the EMA50 that carries the price from below, noting that stochastic current negativity might cause some sideways fluctuation before resuming the expected bullish bias. On the other hand, we should note that breaking 133.30 will stop the positive scenario and press on the price to turn to decline.
 

[Solid ECN ✔️]

NATGAS

US natural gas prices have been trading sideways since the beginning of February. Bulls attempted to break above the upper limit of the trading range in the 2.60 area on Tuesday but failed and a pullback was triggered. Price found support in the 2.43 area and an over-4% rally has taken place in the past few hours. The EIA report on natural gas inventories is released to watch for NATGAS traders today. It is expected to show much smaller inventory draw (-97 bcf) than in the previous week (-217 bcf). Such low expectations can be reasoned with the fact that the United States enjoyed relatively high temperatures. Moreover, the report will not yet capture the impact of Freeport LNG terminal resuming operations. Nevertheless, some short-term volatility is to be expected around release time.

Taking a look at NATGAS chart we can see that the price is currently trading near the midpoint of the trading range. Weather conditions are expected to deteriorate in the next 8-14 days with temperatures in key heating regions dropping. This combined with resumption of exports at Freeport LNG terminal may provide some upward pressure on NATGAS prices going forward.
 

[Solid ECN ✔️]

Tesla's 2023 Recall of Full Self-Driving Targets a 'Fundamental' Flaw

More than 360,000 vehicles will receive an over-the-air update after the US government said that Autopilot can be dangerous in some driving situations.

 

[Solid ECN ✔️]

GBPJPY Keeps the Positivity

The GBPJPY pair kept its positive stability above the additional support 159.90, to confirm surrendering to the domination of the suggested bullish bias by touching 161 level, reminding you that it is important to gather the additional positive momentum to manage to breach the moving average that forms an obstacle at 162.10, to ease the mission of reaching the additional positive stations near 163 followed by 164.45.

The expected trading range for today is between 160.4 and 162.