official Market Update by Solidecn.com

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LTCUSD 

Last week, the cryptocurrency market saw a notable uptick, and Litecoin (LTC) investors were among those who profited from this positive shift. The LTCUSD exchange rate climbed to a formidable resistance point at $71.15. This upward movement prompted bears to increase selling pressure, culminating in a long wick candlestick pattern on the final day’s candle.

The Relative Strength Index (RSI), an essential technical indicator, is approaching the overbought zone. But it’s not just about the RSI nearing this zone. The indicator is displaying a significant divergence, often an indication of a trend shift or a deceleration in the bullish bias. As a result, we anticipate LTCUSD to adjust its recent gains and maintain its price above the pivot point of $64, unless the LTCUSD bulls can surpass the $71 resistance in the forthcoming session. (source)
 

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BTCUSD

In our “BTCUSD Technical Analysis”, we see that BTCUSD is currently in a state where it’s bought too much, as shown by the Relative Strength Index (RSI) which is now over 80. This means there are a lot of buyers, and the price might not go up much more before it starts to decline.

Analysts at FxNews suggest being careful if you’re thinking about buying more of this crypto asset. They say it might be better to wait until the price becomes steady above the $32,000 support level before deciding to buy more. This is because when something is bought too much, it might be more expensive than what it’s really worth, and the price could go down soon.

To sum up, while Bitcoin has grown a lot and can be a good opportunity for traders and investors, it’s important to keep an eye on the market conditions and make careful decisions. Remember, while you can make a lot of money, you can also lose a lot.

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EURAUD

For the past four months, the EURAUD has been trading within a range between 1.6200 and 1.7100, suggesting that it might currently be in a range trading mode. This week, the price faced difficulty surpassing recent peaks just below 1.6900, reaching a high of 1.6845 on Monday. These levels could pose resistance if tested again, before reaching the 2-year high at 1.7065. On Wednesday, the price dipped but didn't reach the 100-day Simple Moving Averages (SMA) near 1.6550, which could provide support in case of another sell-off.

 

 

Looking further down, potential support levels could be found at previous lows of 1.6445 and 1.6320, followed by a potential support zone between 1.6235 and 1.6265. The close grouping of the 10-, 21-, 34-, 55- and 100-day Simple Moving Averages (SMA) between 1.6550 and 1.6710 further supports the perspective of range trading.

 

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Silver

 

The price of silver is currently testing the pivot point at 23.14, with the Relative Strength Index (RSI) maintaining a position above the 50 level. The XAGUSD's inability to close below the S1 support level of 22.59 suggests that the price movement range since October 23 is likely a correction to the upward trend that began earlier this month.

 

 

The pivot point serves as a hurdle for the bulls. To drive the price towards R1 (23.9), they must ensure a close above the pivot point.

 

Conversely, the S1 level (22.5) acts as a safeguard against further price decline. If this level is breached, the bears could potentially target S2 (21.8) next.

 

 

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EURUSD Pair Analysis: Bulls Eye R1, Bears Target Bearish Channel

 

The EURUSD currency pair is currently testing the S1 support and the upper line of the previously broken channel. A close above the pivot could signal a bullish trend, with R1 as the potential target.

 

 

Conversely, if the S1 support is broken, the pair could re-enter the bearish channel, continuing the selling bias. Stay updated for more EURUSD market trends.

 

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Market Trends: Navigating Equity Dips and Economic Signals

 

Last week, European and US stock markets kept falling, marking six weeks of losses. The main worries were about companies' earnings not being as good as hoped and their future outlooks seeming less positive as we move into the year's last quarter. In the US, the markets also dipped, hitting their lowest point since May, showing they're not as strong as they were earlier in the year.

 

On Friday, the prices of oil and gold jumped suddenly. This happened when the news came out about Israeli forces moving into Gaza, which made gold prices go over $2,000 an ounce for the first time since May. Even though Brent crude oil's price went up past $90 a barrel, it ended the week lower.

 

The hope is that the careful steps taken in Gaza will increase pressure on Hamas without causing more trouble along Israel's northern border. European markets, which had closed by the time of the Gaza events on Friday, are expected to start a bit stronger, considering the military actions have been limited so far.

 

It's easy to think the drop in stock markets last week was just because of the uncertain situation in the Middle East. But it was also because of companies not doing as well as expected and lowering their future earnings outlooks, which led to some big drops in their stock prices. This pattern might keep up this week, with all eyes on updates from big companies like HSBC, BP, Shell, and Apple.

 

Meanwhile, economic reports from Europe and the UK didn't show much good news, but the US did better, with people waiting to see if central banks will change their plans based on recent data. The US Federal Reserve probably won't ease up on its policies soon, and another interest rate increase by the end of the year is still possible. But the Bank of England seems done raising rates for now, with people guessing when the next rate cut might happen in 2024.

 

In the UK, the number of approved mortgages and other spending data for September might show that people are still careful about spending. And in Germany, after the European Central Bank decided not to change interest rates, inflation is expected to go down in October, and the economy might shrink a bit in the third quarter.

 

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Gold prices hit $2000 as Middle East tension escalates

 

As tensions rise in the Middle East, gold prices have shot up over $2000 due to increased fighting on the ground.

 

While all eyes are on the shifting situation, gold has jumped over the crucial $2000 level because of the growing battles. At the same time, oil prices have stabilized above $83, as people investing in the market are on alert for any interruptions in supply from this key oil-producing area. This week is also important because big banks like the Federal Reserve, the Bank of England, and the Bank of Japan will make decisions on interest rates, which could shake up the markets even more. Investors and market experts around the world are paying close attention to these developments as they influence the economy.

 

 

 

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EURJPY Technical Analysis

EURJPY is testing the Ichimoku cloud, a key resistance. Our analysis suggests a bullish market, with a strategy to go long. Currently, it’s trading in a bearish channel below the 158.6 pivot. A close above the pivot will confirm bullishness. 

If it remains below the pivot, the short-term target is S1 support. Read the full article here. 

 

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EURGBP

 

The EURGBP pair has broken the bearish trendline on the daily chart, indicating a bullish bias. The 4H chart shows it trading above the Ichimoku cloud and weekly pivot, suggesting potential gains. 

 

 

However, a close below S1 support (0.869) would negate this bullish scenario. (source)

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EURAUD 

The EURAUD pair is currently navigating within a daily bullish channel and is testing the monthly pivot point at 1.6555. If the bulls maintain their position above this pivot point and within the bullish channel, it’s plausible that the EURAUD could ascend to the mid-line of the bullish channel, which is near the R2 support level at 1.712.

 

 

However, if the bears manage to close below the pivot point, it would invalidate the bullish scenario. It’s important to note that a closure below the pivot point does not necessarily signal a trend reversal. The support level is at 1.621, and a breach of this level would be required to indicate a trend reversal.

 

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USD/JPY Market Sentiment: Bullish Post-BoJ, Eyes on Fed

Tuesday's trading session saw the USD/JPY currency pair surge, reclaiming territory above the pivotal 150.00 mark. This upswing effectively diminishes the losses witnessed in the preceding two days. The yen displayed a broad weakening, a direct response to the Bank of Japan's reaffirmation of its ultra-easy monetary policy aimed at bolstering the domestic economy. In a notable policy adjustment, the BoJ subtly altered its stance on yield curve control, now referencing the 1% cap on the 10-year Japanese government bond yield as a guiding figure rather than a strict limit.

 

Inflation Projections and Economic Data Weigh on Yen

The BoJ's upward revision of inflation forecasts for the fiscal years 2024 and 2025 hints at a gradual setup for exiting its loose monetary policy. However, this adjustment has not been enough to rally support for the yen, especially against a backdrop of disappointing Japanese industrial and retail data for September.

 

US Dollar Demand and Fed Expectations Fuel Rally

 

On the other side of the pair, the US dollar is finding robust support, spurred by the market's belief in the Federal Reserve's commitment to its tight monetary policy, including the possibility of further rate hikes in 2023. Remarks from Fed Chair Jerome Powell about persistently high inflation and the potential for additional rate increases have kept US bond yields near the 5.0% mark, underpinning the dollar's strength.

 

Caution Ahead of FOMC Meeting

 

Despite the bullish momentum, there's caution in the air as speculation about potential Japanese intervention to curb yen depreciation persists. Traders are also adopting a wait-and-see approach in anticipation of the Federal Open Market Committee's (FOMC) meeting. The Fed's decision, due on Wednesday, is expected to hold steady, but any signals on future rate adjustments will be pivotal for the currency pair.

 

Bullish Indicators and Resistance Challenges

 

From a technical standpoint, the USD/JPY's resilience below the 200-period Simple Moving Average on the 4-hour chart has set a bullish tone. Daily chart oscillators are gaining positive momentum, suggesting room for further upside. However, traders should watch for resistance near the daily highs around 150.35-150.40, with the year-to-date peak and the 151.00 mark as key levels to breach for continued ascent.

 

Support Levels to Monitor on Pullbacks

 

Conversely, a retreat below 150.00 could find solid ground near the 100-period SMA on the 4-hour chart at approximately 149.60-149.55. A decisive drop below this could open the path to 149.00 and potentially challenge the bullish outlook. Should selling pressure intensify, the pair may test the monthly low around 147.30-147.25, recorded on October 3, which would tilt the market sentiment towards the bears.

 

 

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GBPUSD

Let's delve into a more detailed technical analysis of the GBPUSD currency pair, which is currently navigating through a bearish channel. In the latest trading session, there has been a notable shift in momentum as the bulls have successfully pushed the closing price above the pivotal 1.216 mark. 

The Relative Strength Index (RSI), a key momentum indicator, is sustaining above the 50 threshold, which traditionally indicates a shift from a bearish to a more neutral or bullish sentiment among traders. This is an encouraging sign for buyers, as the RSI above 50 often precedes upward price movements.

Given the current position of the RSI, coupled with the bullish closure above the pivot point, there is a heightened probability that the GBPUSD pair may continue its ascent towards the upper boundary of the bearish channel. The next key level to watch is the R1 resistance at 1.225. If the price action can maintain its upward trajectory and reach this resistance level, it could signal a potential reversal of the current bearish trend or at least a significant retracement. (source)
 

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GBPJPY

The GBPJPY pair has broken through the bearish channel on the daily chart and is currently trading above the pivot point of 182.9. The Relative Strength Index (RSI) indicator is hovering above the 50 level, suggesting that the bulls have regained control.

 

 

Looking closer at the GBPJPY 4-hour chart, we can see that the bulls are facing a barrier at 183.7. If the GBPJPY price can break this level, it will clear the path towards R2.

 

 

However, if the price fails to breach this resistance, it could result in the GBPJPY price returning to the bearish channel depicted on the daily chart. (source)

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MetaMask and Blockaid Unite Against Phishing

MetaMask and Blockaid has partnered with to unveil a feature designed to enhance the safety of its users against phishing attacks.

Proactive Defense with New Security Feature

Starting from today, MetaMask's desktop users can enhance their security by opting into an experimental feature that includes the Privacy Preserving Offline Module (PPOM). This module, crafted by MetaMask, functions as an offline safeguard, meticulously checking transactions and signatures before they're executed, without exposing sensitive information to any external servers.

Bárbara Schorchit, a senior figure at MetaMask, highlights the integration of Blockaid’s dApp scanning technology as a pivotal element in this new security layer. This technology is capable of emulating user interactions with dApps to identify any potential malicious intent.

Gradual Rollout and Privacy Assurance

Initially, users who enable this feature will receive alerts for potentially harmful transactions. MetaMask is set to expand this feature to its mobile users come November and aims for a full integration for all users by early 2024. This careful rollout strategy is to ensure the accuracy of the feature, avoiding misidentification of safe transactions as threats.

Schorchit reassures users that privacy is a priority; the PPOM negates the need to share transaction details externally, keeping the validation process confined to the user's device.

The Persistent Threat of Phishing in Crypto

Phishing scams continue to be a prevalent danger in the crypto world. Blockaid's data suggests that a concerning percentage of dApps could be harmful, and many potential crypto adopters are deterred by the prevalence of scams.

Reports indicate a surge in crypto-related hacks and the staggering losses incurred in recent times. Bitrace's findings point to fake wallet applications as a significant risk, with their authentic appearance deceiving users into compromising their assets.

This collaboration between MetaMask and Blockaid represents a proactive step towards mitigating these risks and safeguarding the crypto community. (source)

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Gold

Gold is currently undergoing a test of its support level at $1,970. Interestingly, it's trading below the pivot point in the market. The Relative Strength Index (RSI) is showing signs of divergence, indicating a potential correction in the price of gold. This correction could possibly extend to a level of $1,934. 

 

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Crude Oil

Crude oil is currently showing a bearish trend, consistently trading within a bearish channel. The Relative Strength Index (RSI) is attempting to cross the crucial 50 mark, a movement that could indicate potential market shifts. However, it's not a guaranteed sign of a bullish reversal. 

 

 

The oil price is testing a significant resistance at $83.2. The result of this test could offer insights into future price trends. A break above this resistance might suggest a shift in market sentiment, while failure to do so could reinforce the bearish trend.

 

The oil market remains bearish as long as the price stays within this channel, indicating that sellers currently have the upper hand. If the bearish momentum persists, the oil price might drop to $80. However, this is a prediction and actual market movements can vary. (source)

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Market Update: Anticipation Before Fed Announcement

As the financial community awaits the Federal Reserve's upcoming decision on interest rates, a sense of anticipation builds. The general consensus is that there won't be a change to the current rates. Investors are keenly waiting to hear from Fed Chair Jerome Powell for hints about future monetary policies. Meanwhile, there's buzz around Advanced Micro Devices (AMD) as it reveals long-term sales goals for its AI-focused processors.

 

Federal Reserve's Decision in Focus

The Federal Reserve in Washington is poised to announce its latest stance on interest rates. It's predicted that the rates will remain between 5.25% and 5.50%. The market's attention will pivot to the Fed's statement and Powell's press conference for any forward-looking statements. The Fed is balancing efforts to manage inflation without stalling the economy. There's curiosity about how long the heightened rates will persist, especially with recent surges in Treasury yields affecting the stock market. Analysts are suggesting the Fed might pause to evaluate the effectiveness of its current policies in curbing inflation.

Market Movements Before the Fed's Update

Stock futures indicate a slight dip as traders anticipate the Fed's announcement. Key stock indices like the Dow, S&P 500, and Nasdaq showed downward movements in early trading. This follows a slight rally that capped off a turbulent October, which saw declines across major stock indices.

Spotlight on AMD's Revenue Forecast

AMD's shares saw mixed reactions after-hours due to its revenue forecast for the upcoming quarter and its first sales projection for the MI300 chip. While the forecast was below expectations, there's optimism about its potential in the AI market. This news comes alongside earnings announcements from other major players in the tech and consumer goods sectors.

China's Manufacturing Downturn

In China, manufacturing activity has seen a downturn, according to the latest Caixin data. This contraction reflects weaker domestic and international demand, with a continued decrease in export orders due to challenging economic conditions in key markets.

Oil Prices on the Rise Amidst Fed Expectations

In the commodities market, oil prices have marginally increased. Traders are exercising caution as they await the Fed's decision. There's also attention on geopolitical tensions that could impact oil supply and prices.

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GBPAUD

 

The GBPAUD couldn’t hold above the weekly pivot (1.917) in the 4H chart, and the pair slumped to the significant support at 1.9. Moreover, the GBPAUD formed a bullish long wick candlestick pattern in the daily chart, and the RSI indicator shows divergence. These signals can be interpreted as a trend reversal or an imminent correction in the price.

 

 

S1 provides support to the bullish scenario. As long as the price holds above 1.899, it is likely for the GBPAUD price to rise and test the weekly pivot again.

 

On the other hand, if bears close below S1, the bullish scenario is invalidated and the path to S2 will be cleared. (source)

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GBPAUD 

The GBPAUD has broken out of the bearish channel, and the bears are currently testing the 1.895 support level. The market bias remains bearish as the pair is trading below the Ichimoku cloud.

 

 

Zooming in on the 4-hour GBPAUD chart provides a detailed insight into the forecast. The decline has approached the lower boundary of the bearish channel on the 4H chart. With the RSI indicator nearing the oversold territory, a pullback to the channel's median line could be anticipated. Additionally, given the current selling pressure, the next target would likely be the 1.884 support level.

 

 

Conversely, the 1.917 level acts as the pivot. The bearish scenario would be negated if the price breaks above this pivot or the upper line of the channel. (source)

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EURUSD Technical Analysis

 

The EURUSD currency pair has been trading in a range from 1.051 to 1.068 since October 23. The pair formed a hammer candlestick pattern on the daily chart and is currently trading above the monthly pivot. Since the pair hovers below the Ichimoku cloud, we will be looking for selling opportunities.

 

 

The RSI indicator crossed above the level of 50, indicating that the price of EURUSD might increase to R1 (1.067 resistance). This level offers a decent price to enter short, especially if the market forms a long wick candlestick, a doji, or a bearish engulfing pattern.

 

 

Another scenario for short trading in EURUSD is to wait for the pair to break S1 (1.049 support). In this case, the pace of decline in the pair would increase and the next target would be S2 (1.042), followed by S3 (1.032). source