Market Update by Solidecn.com

[Solid ECN]

USDJPY Resumes the Main Bearish Track

The USDJPY pair faced strong negative pressures in the previous sessions to return to the main bearish channel, and begins today with additional decline to break 130.00 barrier and open the way to continue the bearish bias on the intraday and short term basis, making the bearish trend dominant in the upcoming sessions, and we expect to target 128.90 followed by 127.85 levels as next main stations.



The EMA50 supports the expected decline, which will remain valid unless breaching 130.55 and holding above it, as breaching this level might push the price to test 132.35 areas initially before any new negative attempt.

The expected trading range for today is between 128.60 support and 130.50 resistance

[Solid ECN]

GBPUSD Within Sideways Track

The GBPUSD pair fluctuates within sideways track recently as appears on the chart, and the EMA50 continues to press negatively on the price, to keep the correctional bearish trend active, waiting to visit 1.1950 mainly.



On the other hand, we should note that breaching 1.2135 will stop the expected decline and lead the price to regain the main bullish trend again and head to achieve gains that start by visiting 1.2235 areas.

The expected trading range for today is between 1.1980 support and 1.2150 resistance.

[Solid ECN]

EURUSD gets new positive signal

The EURUSD pair leaned on the EMA50 and begins to provide slight positive trades by today’s open, noticing that stochastic overlaps positively now, waiting to motivate the price to resume the expected bullish trend for the upcoming period, which its targets begin by testing 1.0745, noting that breaching this level will extend the bullish wave to reach 1.0840 areas.



Therefore, the bullish trend scenario will remain valid and active, noting that breaking 1.0640 might press on the price to provide intraday negative trades that target testing 1.0515 areas before any new attempt to rise.

The expected trading range for today is between 1.06 support and 1.0760 resistance.

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EURJPY faces strong negative pressures

The EURJPY pair surrendered to the negative pressures represented by the moving average 55 consolidation near 142.40 resistance in addition to stochastic exit from the overbought areas, to provide chances to get the negative momentum and notice its crawl towards 140.95, to record the first waited negative target.



We expect to face more negative pressures, to form new negative attack and press on 140.25 level, while breaking it will extend trades negatively towards 139.80 followed by reaching the next main target at 138.20.

The expected trading range for today is between 141.70 and 140.25.

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EURUSD - Trading near the resistance line of the rising corridor

Yesterday, November data on borrowings in the EU countries were presented, which was poor: the volume of loans to enterprises grew by 8.4% instead of the expected 8.6%, and to the private sector – by 4.1% instead of 4.3%. Today, investors will pay attention to the dynamics of the Spanish consumer price index in December, and, according to analysts' forecasts, the index, harmonized with EU standards, may slow down from 6.7% to 6.0%.



On the daily chart, the quotes of the EUR/USD pair show corrective growth and are confidently holding near the resistance line of the ascending corridor. Technical indicators point to continued growth.

Support levels: 1.0574, 1.0396 | Resistance levels: 1.0691, 1.0849

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XAUUSD - A fall is possible.

On the daily chart, a downward correction ended as the fourth wave of the higher level (4), within which the wave C of (4) formed as a momentum, and the fifth wave (5) develops. Now, the first entry wave of the lower level 1 of (5) has formed, within which the wave v of 1 has ended, and a local correction is developing as the second wave 2 of (5).

If the assumption is correct, the XAUUSD pair will fall to the area of 1726.2 – 1699.25. In this scenario, critical stop loss level is 1833.20.

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GBPUSD approaches the resistance

The GBPUSD pair provided temporary positive trades yesterday to approach the key resistance 1.2135, and bounced downwards quickly from there, to resume the correctional bearish track, waiting to test 1.1950 as a next main target. Therefore, we will keep our bearish overview unless breaching 1.2135 and holding with a daily close above it.



The expected trading range for today is between 1.1940 support and 1.2100 resistance.

[Solid ECN]

EURUSD keeps its positive stability

The EURUSD pair fluctuates within sideways trades since yesterday, keeping its stability above 1.0580 level, to keep the bullish trend scenario valid for the upcoming period, supported by stochastic move at the oversold areas, waiting to visit 1.0745 as a main target.



We remind you that breaking 1.0580 will press on the price to test the most important support at 1.0515 before any new positive attempt. The expected trading range for today is between 1.0560 support and 1.0710 resistance.

[Solid ECN]

USDCHF - Growth is possible.

On the daily chart, the third wave of the higher level 3 develops, within which the upward first wave (1) of 3 formed, and a downward correction ended as the second wave (2) of 3. Now, the wave C of (2) has ended, and the upward wave (3) of 3 is developing.

If the assumption is correct, the USDCHF pair will grow to the area of 0.9900 – 1.0151. In this scenario, critical stop loss level is 0.9205.

[Solid ECN]

USDCAD - The price is in a correction and may grow.

On the daily chart, the upward fifth wave of the higher level 5 and the wave (3) of 5 develop. Now, the third wave of the lower level 3 of (3) has formed, a downward correction has ended as the fourth wave 4 of (3), and the wave 5 of (5) is developing, within which the wave i of 5 has formed, and the local correction ii of 5 has ended.

If the assumption is correct, after the end of the correction, the USDCAD pair will grow to the area of 1.3978 – 1.45. In this scenario, critical stop loss level is 1.3466.