Market Update by Solidecn.com

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AUDUSD Begins Positively

The AUDUSD pair opens today’s trading with clear positivity to head towards potential test to the broken neckline of the double top pattern that appears on the chart, waiting to resume the bearish wave that targets 0.6265 followed by 0.6170 levels as next main stations.



Until now, the bearish trend scenario still valid and active unless the price rallied to breach 0.6397 and hold above it, noting that the EMA50 supports the suggested decline. The expected trading range for today is between 0.6260 support and 0.6370 resistance, the expected trend for today is Bearish.

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Euro tries to recover as eyes fixed on Christine Lagarde

Euro rose in European trade above two-week lows against dollar ahead of ECB President Christine Lagarde's speech later, which might offer clues on the future of European interest rates. The greenback gave up two-week highs on transient profit-taking ahead of US payrolls data, crucial for deciding the future path of US monetary policies.

EURUSD rose 0.5% to 0.9796, after closing down 0.7% yesterday, the fourth loss in a row, plumbing two-week lows at 0.9730 on bullish remarks from Fed Chair Jerome Powell.

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USDCHF Hits the Target

The USDCHF pair succeeded to achieve our waited target at 1.0145 and found solid resistance there, to show some bearish bias now, facing contradiction between the technical factors that makes us prefer to stay aside until we get clearer signal for the next trend.



Note that breaching the above mentioned level will lead the price to achieve additional gains that reach 1.0200 direct, while breaking 1.0090 support will press on the price to continue the decline and head to test 0.9990 areas before any new attempt to rise.

The expected trading range for today is between 1.0040 support and 1.0190 resistance, and the expected trend for today is Neutral.

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Gold price forecast

The gold short-term downtrend continued yesterday after the test of the Intermediary Zone 1662 – 1659. The price has broken through the low of November 1. The gold sell trades reached the first target. The next downside target is the lower Target Zone 1618 – 1612. The market should reach the second target within the next two days.

I recommend entering new short trades on the corrections to strong resistance levels. The Additional Zone is now in 1645 – 1643. The trend border is the zone of 1661 – 1658. Once any of these zones is tested by the price, I suggest selling gold according to a sell pattern with the first target at today’s low.



XAUUSD trading ideas for today:

> Sell according to the pattern in Additional Zone 1645 - 1643. Take Profit: 1630. Stop Loss: according to the pattern rules.
> Sell according to the pattern in Intermediary Zone 1661 - 1658. Take Profit: 1630. Stop Loss: according to the pattern rules.

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Oil price forecast

Oil short-term uptrend continued. The high of October 27 was broken through. Oil traders tried to break out the upper Target Zone 89.51 – 88.76, but failed. The oil price is now being corrected down with a potential target to test Additional Zone 87.80 – 87.61. After the AZ zone test, I suggest entering new purchases according to the pattern with a target at yesterday’s high.

If the price breaks out the Additional Zone downside within the correction, the oil price should reach the Intermediary Zone 85.92 – 85.55, which is the border of the short-term uptrend. In this scenario, one could also enter purchases after the price reaches the IZ.



US Crude trading ideas for today:

> Buy according to the pattern in Additional Zone 87.80 - 87.61. Take Profit: 89.61 - Stop Loss: according to the pattern rules.
> Buy according to the pattern in Intermediary Zone 85.92 - 85.55. Take Profit: 89.61 - Stop Loss: according to the pattern rules.

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GBPUSD Technical Analysis

The GBPUSD pair broke the bullish channel’s support line strongly to confirm the continuation of the bearish trend domination on the intraday basis, opening the way to achieve bearish correction that its next target reaches 1.1130, making the bearish bias suggested for the rest of the day unless the price rallied to breach 1.1325 followed by 1.1400 levels and hold above them.



The expected trading range for today is between 1.1200 support and 1.1325 resistance, and the expected trend for today is Bearish.

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GBPCHF Hits the Resistance

The GBPCHF pair ended the correctional bullish attack by hitting key resistance at 1.1575, to increase the chances of its affect by the negative trades for the near term and medium-term period, and notice crawling towards 1.1410.



Stochastic attempts to provide the negative momentum will provide the price with new negative momentum, to reinforce the chances of declining and target 1.1285 followed by repeating the pressure on 1.1120 obstacle.

The expected trading range for today is between 1.1530 and 1.1300, and the expected trend for today is Bearish.

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EURUSD Technical Analysis

The EURUSD pair fluctuates at the intraday bearish channel’s resistance now, and the EMA50 meets this resistance to add more strength to it, to support the continuation of the expected bearish trend for today, which its next targets located at 0.9840 followed by 0.9700, while holding below 1 represents major condition to continue the expected decline.



The expected trading range for today is between 0.9800 support and 0.9970 resistance, and expected trend for today is Bearish.

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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.