Market Update by Solidecn.com

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EURUSD Technical Analysis


The EURUSD pair touched 0.97 level and attempts to break it, reinforcing the expectations of continuing the bearish trend in the upcoming sessions, reminding you that breaking this level will push the price to 0.9550 as a next main station, while the expected decline will remain valid unless the price rallied to breach 0.9790 and hold above it.





The expected trading range for today is between 0.9650 support and 0.9800 resistance. The expected trend for today: Bearish

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AUDUSD - Long-term trend remains downwards


Last week, investors were focused on the publication of economic data from the Federal Bureau of Labor Statistics: Nonfarm Payrolls for September amounted to 263.0K against the forecast of 250.0K. Also, unemployment significantly decreased from the previous 3.7% to 3.5% against expectations of 3.7%, which investors took extremely positively. Following the news release, the Chicago Mercantile Exchange's (CME Group) FedWatch Instrument estimates the likelihood of a 75-basis point hike in November at 77%. Against this background, the AUD/USD pair broke through 0.6390 and is preparing to continue its decline toward 0.6260.





The long-term trend remains downwards. After breaking through 0.6390, the next sell target is 0.6260, after which the price may drop to 0.61.





The medium-term trend is downwards, and within its framework last week, the target zone 4 (0.6336–0.6316) was reached, which investors are trying to break through today, after which the target for sales will be zone 5 (0.6136–0.6116). The key resistance of the trend is shifting to the levels of 0.6501–0.6483.


Resistance levels: 0.639, 0.6525, 0.67 | Support levels: 0.6260, 0.6100

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Silver - Growth is possible.


On the daily chart, a downward correction of the higher level developed as the second wave (2), within which the wave C of (2) formed and the development of the third wave (3) started. Now, the first entry wave of the lower level i of 1 of (3) is developing, within which the wave (iii) of i has ended, and a local correction is developing as the wave (iv) of i.


If the assumption is correct, the XAGUSD pair will grow to the area of 22.47 – 25.40. In this scenario, critical stop loss level is 17.97.

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Crude Oil - Growth is possible.


On the daily chart, the first wave of the higher level (1) formed, and the formation of downward correction ended as the second wave (2), within which the wave C of (2) formed. Now, the development of the upward third wave (3) has started, within which the first entry wave of the lower level i of 1 of (3) is forming.


If the assumption is correct, the asset will grow to the area of 103.83 – 115.12. In this scenario, critical stop loss level is 76.07.