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2023 Market Forecast by Solidecn.com


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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.

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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.
 

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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.

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.
 

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NI 225 - Japan's stock market is actively recovering

The quotes of the NI 225 stock index are correcting around 27372.0 after statements by the head of the Bank of Japan Haruhiko Kuroda about the intention to continue the current ultra "dovish" monetary policy rate while maintaining the interest rate at a negative level. Several officials of the department also expressed the opinion that the easing of monetary incentives should be continued until the target inflation rate of 2.0% is reached. According to data published today, the consumer price index in Tokyo in January adjusted from 4.0% to 4.4%, which coincided with analysts' expectations, and the indicator excluding fresh food prices – from 4.0% to 4.3%, ahead of forecasts at 4.2%. At the same time, consumer inflation, excluding food and energy prices, slowed sharply from 2.7% to 1.7%, contrary to preliminary estimates of 2.8%. The growth of indicators in the metropolitan region usually acts as an indicator of the situation in the country as a whole, and most likely, the national index will also record negative dynamics, which, in turn, will confirm the increasing pressure on households.

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On the daily chart, the price remains within the global sideways corridor, continuing to approach the resistance line, and the technical indicators hold the buy signal.

Support levels: 27000, 25700 | Resistance levels: 27550, 28400
 

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