Market Update by Solidecn.com

[Solid ECN]

EURUSD - Low gas price in the EU supports the euro

Thus, according to data from the TTF exchange, the price for gas contracts with delivery in February is now 1120.0 dollars per 1.0K cubic meters, which was last observed in June, when the Nord Stream gas pipeline maintained maximum pumping levels. The current low quotations provide an opportunity for countries in the region to conclude long-term deals for supplies in the spring, as the storage facilities are almost full now. Meanwhile, in November, the German producer price index lost 3.9%, which led to a slowdown in growth to 28.2% YoY from 34.5% earlier.



On the daily chart, the trading instrument continues its corrective growth and confidently holds in the local ascending corridor. Technical indicators point to continued growth.

Resistance levels: 1.0675, 1.09 | Support levels: 1.0525, 1.032

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


On the daily chart, the fifth upward wave of the higher level 5 develops, within which the wave (3) of 5 forms. 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 ended, and the local correction ii of 5 is forming.


If the assumption is correct, USDCAD pair will grow to the area of 1.3978 – 1.45. In this scenario, critical stop loss level is 1.3380.

[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 development of the upward wave (3) of 3 is starting.


If the assumption is correct, the USDCHF pair will grow to the area of 0.99 – 1.0151. In this scenario, critical stop loss level is 0.9085.

[Solid ECN]

NZDUSD - economic activity slows down in New Zealand


In recent weeks, macroeconomic data from New Zealand suggest a significant slowdown in economic activity, with Westpac's Q4 domestic consumer sentiment index at 75.6 points, down from Q3 87.6. Business confidence from Australia and New Zealand banking group ANZ fell in December to –70.2 points from –57.1 points a month earlier, which was the lowest on record since 1998, while the business activity indicator from the National Bank of New Zealand (NBNZ) accelerated the fall to –25.6% from –13.7% before.





The trading instrument is moving within a corrective uptrend with a local decline.


Resistance levels: 0.639, 0.651 | Support levels: 0.626, 0.613

[Solid ECN]

ETHUSD - Technical analysis


Since the end of last month, the quotes have been moving in the main sideways range of 1325.00–1090.00. The cryptocurrency market is uncertain, as fears of further negative consequences of the bankruptcy of the FTX exchange are holding back the start of corrective growth. However, in the short term, it will become possible if the consolidation above 1250.00 (Murrey level [2/8], the middle line of Bollinger bands) to the levels 1325.00 or 1500.00 (Murrey level [4/8], the upper limit of the long-term downward channel). The key "bearish" level is 1090.00, consolidation below, which will give the prospect of further decline to 1000.00 (Murrey level [0/8]), 875.00 (Murrey level [–1/8]).





Resistance levels: 1250, 1325, 1500 | Support levels: 1090, 1000, 875

[Solid ECN]

EURUSD under the negative pressure


The EURUSD pair traded negatively in the previous sessions to break the bullish channel’s support line and settles below it, but we notice that the EMA50 forms good support to protect the price from suffering more losses, accompanied by witnessing positive signals through stochastic, which supports the chances of regaining the bullish trend again. Therefore, we believe that the chances valid to trade positively today, and the targets begin by surpassing 1.0650 to ease the mission of heading towards 1.0745, noting that breaking 1.0580 will stop the expected rise and press on the price to test 1.0515 direct.





The expected trading range for today is between 1.0540 support and 1.0710 resistance.

[Solid ECN]

Crude Oil - Growth 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) formed. Now, the development of wave B of (2) has started, within which the wave of the lower level a of B is developing.


If the assumption is correct, the asset will grow to the area of 93.25 – 100.5. In this scenario, critical stop loss level is 70.05.

[Solid ECN]

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

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

If the assumption is correct, the XAGUSD pair will grow to the area of 25 – 26. In this scenario, critical stop loss level is 21.82.

[Solid ECN]

XAUUSD - The price is in a correction, 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 development of the fifth wave (5) started. Now, the first entry wave of the lower level 1 of (5) has formed, within which the wave v of 1 has developed, and a local correction has started as the second wave 2 of (5).


If the assumption is correct, the price of the asset will fall to the area of 1719.7 – 1695.85. In this scenario, critical stop loss level is 1824.

[Solid ECN]

USDCAD - Growth within the local ascending corridor


The quotations were practically not affected by the report of Statistics Canada: in October, the volume of production grew by 2.8% to 72.6B Canadian dollars, and the oil industry (12.7%) and the food industry (2.9%) stand out among the leaders of the sector and the chemical industry (4.9%), while in the automotive industry (–3.2%) and mechanical engineering (–1.7%), a negative trend is observed. According to experts, growth in these sectors should not be expected soon, as there is a serious shortage of materials and microchips, which also reduced production and decreased exports of cars and spare parts by 1.8%.





On the daily chart of the asset, the trading instrument moves within the local ascending corridor. Technical indicators signal further growth.


Resistance levels: 1.37, 1.39 | Support levels: 1.354, 1.338