Market Update by Solidecn.com

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AUDUSD Technical Analysis

The AUDUSD pair attempts to return to the correctional bullish channel, waiting for more rise for the rest of the day, to keep the bullish trend scenario active as long as 0.6397 level remains intact, noting that our next main target is located at 0.6540.



The expected trading range for today is between 0.6360 support and 0.6480 resistance, and the expected trend for today is Bullish.

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NZDUSD Technical Analysis

The NZDUSD pair shows more bullish bias to move away from 0.5835 level, reinforcing the expectations of continuing the bullish trend for the rest of the day, and the way is open to achieve our waited target at 0.5910, supported by the EMA50 that carries the price from below, reminding you that the continuation of the bullish wave requires holding above 0.5835.



The expected trading range for today is between 0.5790 support and 0.5900 resistance, and the expected trend for today is Bullish.

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S&P 500 - US stock market continues to recover

The American market continues to correct against the backdrop of corporate reporting and positive expectations of investors regarding a possible reduction in inflation. The S&P 500 is currently trading at 3898.

Experts predict a slowdown in consumer price growth in the US, which will allow the stock market to continue its upward correction. Mike Wilson, a leading analyst at Morgan Stanley banking holding, believes that against this background, S&P 500 quotes may overcome 4100.0 in the near future, as the M2 money supply has fallen sharply over the past month. The analyst is confident that the results of tomorrow's meeting of the US Federal Reserve will also be a catalyst for the upward dynamics in the asset, at which, most likely, a decision will be made on the next increase in interest rates by 75 basis points.



The index quotes continued the local corrective trend, taking a lead from a Head and Shoulders reversal pattern.

Technical indicators maintain the buy signal: the fast EMAs of the Alligator indicator are above the signal line, and the histogram of the AO oscillator is trading in the buy zone, forming ascending bars.

Support levels: 3830, 3630 | Resistance levels: 3950, 4120

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GBPUSD Under the Negative Pressure

GBPUSD pair ended yesterday with clear negativity, as it broke 1.1520 level and settled below it, to move below the main resistance line that appears on the chart, noticing that the price completed double top pattern that might force the price to achieve more decline. On the other hand, we notice that the EMA50 attempts to protect the price from suffering more losses, while stochastic provides clear positive signals that might push the price to start positively today.



Therefore, the contradiction between the technical factors makes us stay aside until the price confirms its situation according to 1.1520 level, as consolidating below it will press on the price to decline towards 1.1315 areas mainly, while breaching it will reactivate the positive scenario that its next target located at 1.1700. The expected trading range for today is between 1.1420 support and 1.1610 resistance.

The expected trend for today: Neutral.

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EURUSD Awaits more Decline

The EURUSD pair confirmed breaking 0.9915 after ending yesterday below it, which supports the continuation of the expected bearish trend for the upcoming period, waiting for more decline to visit 0.9840 that represents our next target, noting that breaking it will push the price back to the main bearish channel and confirm the continuation of the bearish trend domination on the short term and medium-term basis.



Therefore, the bearish trend scenario will remain active conditioned by the price stability below 1. The expected trading range for today is between 0.9810 support and 0.9970 resistance.

The expected trend for today: Bearish.

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CHFJPY holds above the support

The CHFJPY pair formed mixed trades recently, affected by the strength of the additional barrier at 149.75, to decline towards 148.25 as appears on the chart, while the main stability within the bullish channel and the price consolidation above the major support line at 147.2 form the main factor to confirm the continuation of the positivity for the upcoming period.



Now, stochastic attempt to provide the positive momentum allows us to expect the beginning of forming bullish waves, to repeat the pressure on the mentioned barrier and assure the importance of achieving the beach to open the way to resume the rise and achieve new gains that start at 150.5.

The expected trading range for today is between 147.80 and 149.75, and the expected trend for today is Bullish.

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BTCUSD Technical Analysis

The BTCUSD continues forming the new uptrend as a standard zigzag A-B-C. The A impulse completed; the descending correction B formed as a double zigzag [W]-[X]-[Y]. The upward wave C is currently unfolding as an impulse [1]-[2]-[3]-[4]-[5]. Sub-wave [3], currently developing, should finish at a level of 21244.00, where it will be 200% of sub-wave.

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AUDUSD Technical Analysis

The AUDUSD pair trades with clear negativity now to test the key support 0.6397, which urges caution from the upcoming trading, as the price needs to hold above this level to keep the bullish trend active for the upcoming period, as breaking it will push the price to stop the correctional bullish scenario and return to the main bearish track again.



The expected trading range for today is between 0.6370 support and 0.6480 resistance. The expected trend for today: Bullish.

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USDCHF Gets New Negative Signals


The USDCHF pair provided clear positive trades yesterday to breach 0.9890 level, but it begins today with new decline to press on this support and attempts to hold below it, motivated by stochastic negativity that appears clearly on the four hours’ time frame, which supports the chances of continuing the correctional bearish trend, which its next target located at 0.9815.





Therefore, we will continue to suggest the bearish trend for the upcoming period conditioned by the price stability below 0.9890. The expected trading range for today is between 0.9800 support and 0.9950 resistance, and the expected trend for today: Bearish.

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XAUUSD - Growth 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. Now, the development of the fifth wave (5) has started, within which the first entry wave of the lower level (i) of i of 1 of (5) has formed, a local correction has ended as the wave (ii) of i of 1 of (5), and the wave (iii) of i of 1 of (5) is developing.

If the assumption is correct, the XAUUSD pair will grow to the area of 1808.78–1861.3. In this scenario, critical stop loss level is 1616.73.