Market Update by Solidecn.com

[Solid ECN]

NZDUSD - the American currency received a growth impetus


Thus, the report of Statistics New Zealand (Stats.nz) recorded a smooth recovery of the national real estate market: Q3 construction activity in the residential sector increased by 3.1%, and non-residential – by 4.9%, as a result of which the overall indicator increased by 3.8%. Despite the positive dynamics, inflation continues to negatively affect the cost of building maintenance: Q3 cost of maintaining residential buildings increased by 3.0%, and non-residential – by 1.5%.





On the daily chart, the trading instrument moves above the resistance line of the downward channel, approaching it from above for reverse testing, and the technical indicators maintain a stable buy signal, ignoring a possible local correction.


Resistance levels: 0.64, 0.656 | Support levels: 0.6265, 0.61

[Solid ECN]

Euro hits fresh six-month highs against dollar


Euro rose in European trade for the fourth straight session against dollar, hitting fresh six-month highs as concerns about a widening policy gap between the US and Europe fade. Dollar extended its decline after Fed Chair Jerome Powell's recent statements about slowing down the pace of rate hikes starting from December. EURUSD rose over 0.4% to 1.0584, the highest since June , after closing up 0.15% on Friday, the third profit in a row as risk appetite dominated markets.





European Rates


The financial markets are now expecting the European Central Bank to increase rates by 75 basis points in December instead of 50. There are strong recent incentives for the ECB to do such move according to many analysts, while the Federal Reserve is only expected to hike rates by 50 basis points this month.

[Solid ECN]

GBPUSD - Growth is possible.

On the daily chart, the downward fifth wave of the higher level 5 of (V) ended, within which the wave (5) of 5 formed, and the development of the upward first wave (1) started. Now, the third wave of the lower level 3 of (1) is developing, within which the wave iii of 3 is ending.

If the assumption is correct, after the end of the local correction iv of 3, the GBPUSD pair will grow to the area of 1.259 – 1.29. In this scenario, critical stop loss level is 1.1899.

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USDCAD Achieves Strong Gains


USDCAD pair traded with strong positivity yesterday to breach 1.3500 and settles near 1.3600 barrier, to head towards achieving more expected gains in the upcoming sessions, on its ways to visit 1.3680 as a next main target. The EMA50 supports the expected rise, which will remain valid as long as 1.3500 level remains intact.





The expected trading range for today is between 1.3500 support and 1.3670 resistance, and the expected trend for today is Bullish.

[Solid ECN]

GBPUSD Technical Analysis


The GBPUSD pair shows some bearish bias now to move below 1.2300, to achieve some temporary bearish correction, waiting to get positive motive that assists to push the price to resume the expected bullish trend for today, which depends on the price stability above 1.2130, reminding you that our next main target reaches 1.2465.





The expected trading range for today is between 1.22 support and 1.24 resistance, and the expected trend for today is Bullish.

[Solid ECN]

EURUSD keeps its positive stability


The EURUSD pair ended last Friday above 1.0515 level after the mixed trades that it witnessed in the previous sessions, starting today with new bullish bias to resume the main bullish trend, approaching our first waited target at 1.0600, waiting for more rise to visit 1.0750 as a next main target. Therefore, the bullish trend scenario will remain valid and active for the upcoming period, supported by the EMA50, noting that it is important to hold above 1.0515 to continue the expected rise.





The expected trading range for today is between 1.0500 support and 1.0680 resistance, and the expected trend for today is Bullish.

[Solid ECN]

EURJPY fluctuates within the bearish track


The EURJPY pair touched 140.75 level on last Friday, to rebound positively towards 42.20 and settles near the moving average 55, these factors won’t affect the bearish track by settling below 142.60 resistance line, to confirm confining trades within the negative track and wait to renew the negative attack to target the first main target at 140.25. On the other hand, breaching the mentioned resistance will confirm regaining the bullish bias by consolidating within the bullish channel again, allowing us to start suggesting the bullish trades and target 143.15 initially.





The expected trading range for today is between 142.60 and 141.1, and the expected trend for today is Bearish.

[Solid ECN]

EURCHF attempts to resume the rise


The EURCHF pair succeeded to provide new positive close above the moving average 55 at 0.9845, to confirm its surrender to the domination of the suggested bullish bias and approach the first target at 0.99. Note that stochastic continuous positive momentum will provide additional chance to record additional gains that might extend towards 0.9935 followed by 1.0 in the medium term period.





The expected trading range for today is between 0.9865 and 0.9935, and the expected trend for today is Bullish.

[Solid ECN]

Crude Oil - A fall is possible.


On the daily chart, the first wave of the higher level (1) formed, and a downward correction develops as the second wave (2), within which the wave А of (2) forms. Now, the fifth wave of the lower level v of A is developing, within which the wave (iii) of v has formed, a local correction has ended as the wave (iv) of v, and the wave (v) of v is developing.


If the assumption is correct, the price of the asset will fall to the area of 67 – 52.25. In this scenario, critical stop loss level is 83.58.

[Solid ECN]

Silver - Growth is possible.

On the daily chart, a downward correction of the higher level ended as the second wave (2) and the third wave (3) forms, within which the first entry wave of the lower level 1 of (3) develops. Now, the wave iii of 1 is developing, and the wave (v) of iii is forming.


If the assumption is correct, the XAGUSD pair will grow to the area of 24 – 25. In this scenario, critical stop loss level is 22.26.