Market Update by Solidecn.com

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AUDUSD - Australian labour market under pressure

Today's report on the labour market did not support the Australian currency: unemployment in the country remained at 3.5%, and its growth compared to August was less than 0.1%. The number of unemployed increased by 9.0K to 499.4K people, and their percentage among young people decreased to 7.9%, while the employment-to-population ratio corrected to 64.2% from 64.3% a month earlier. In turn, full-time employment increased by 13.3K people, and part-time employment decreased by 12.4K people, reinforcing the negative trend of previous months, as citizens strive for stable work in the face of rapid inflation and higher interest rates on loans.



On the daily chart of the asset, the price is falling within the local channel, holding near the support line. Technical indicators maintain a stable sell signal: fast EMAs on the Alligator indicator are kept significantly from the signal line, and the AO oscillator histogram is deep in the sell zone.

Resistance levels: 0.632, 0.65 | Support levels: 0.62, 0.605

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EURUSD Technical Analysis

The EURUSD pair shows bearish bias to approach testing the key support 0.9808, and the price needs to hold above this level to keep the bullish trend active, waiting to breach 0.9865 to confirm extending the bullish wave towards 0.9873, noting that breaking 0.9808 will press on the price to test 0.9700 level as a next negative station.



The expected trading range for today is between 0.9790 support and 0.9940 resistance. The expected trend for today: Bullish.

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GBPUSD Technical Analysis

The GBPUSD pair faces negative pressure to attack the bullish channel’s support line and press on the next key support 1.1518, which urges caution from the upcoming trading, as confirming the break will stop the expected positive scenario for today and force the price to start new bearish wave, while the price needs to step above 1.1.1357 again to regain the bullish trend that its next target located at 1.1490.



The expected trading range for today is between 1.1230 support and 1.1360 resistance. The expected trend for today: Bullish.

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XAUUSD - The "bulls" reduce positions in the asset

The situation on the gold market is still ambiguous: historically, the precious metal has always been a refuge in case of geopolitical tensions, but at the moment, its quotes are under pressure from high interest rates and, as a result, a growing dollar. The hawkish monetary policy provokes an increase in government bonds yield, which are more reliable than gold, and high rates (4% on 10-year bonds) additionally attract investor capital into bonds. Also, since the price of gold is denominated in dollars, the latter's growth will always make the metal cheaper, which is now observed.



On the daily chart of the asset, the price is moving in a downward channel, approaching the support line.

Resistance levels: 1672, 1730 | Support levels: 1620, 1570

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AUDUSD - 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 C of (2) forms. Now, the third wave of the lower level iii of C is developing, within which the wave (iii) of iii is forming, and a local correction is developing as the wave (iv) of iii.

If the assumption is correct, the AUDUSD pair will fall to the area of 0.6091–0.5900. In this scenario, critical stop loss level is 0.6551.

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ETHUSD - Murray analysis

This week, the quotes have overcome the mark of 1321 (Fibo retracement 61.8%, the middle line of the Bollinger Bands) and can continue to grow to the upper limit of the lateral range of 1375, which will allow them to leave the descending channel and rise to the levels of 1450 (Fibo retracement 50.0%), 1500 (Murray [4/8]) and 1575 (Fibo retracement 38.2%). The reverse consolidation of the price below the level of 1321.00 will give the prospect of a return to the lower limit of the trading range of 1250, however, the resumption of serious downward dynamics is possible only in case of its breakdown. In this case, the targets will be 1125 (Murray [1/8]) and 1000 (Murray [0/8]).



Resistance levels: 1375, 1450, 1500, 1575 | Support levels: 1250, 1125, 1000

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BTCUSD - Market Uncertainty Persists

The BTCUSD pair had a rather volatile week, dropping to four-week lows around 18190 but then returned to 19940. However, quotes generally remain in the range of 19000–19400.

The sharp decline in prices was due to the release of September data on inflation in the US, which remained at very high levels: the consumer price index reached 8.2%, and Core CPI – 6.6%, which forced the US Federal Reserve to adopt “hawkish” rhetoric, strengthening the position of the American currency against the main competitors. However, the downward dynamics were short-term, and soon the trading instrument regained lost positions.



The price chart is probably forming a Downwards Triangle, and the trading instrument is close to exiting it. If it consolidates below the 19000–18750 zone, the decline will continue to 18000 (Murrey [–1/8]), 16900 (Fibonacci extension 100), and if 19531.25 (Murrey [1/8], the middle line of Bollinger Bands) is broken up resume by 20312.5 (Murrey [2/8]) and 21093.7 (Murrey [3/8]).

Resistance levels: 19531.2, 20312.5, 21093.7, 21875 | Support levels: 18750, 18000, 16900

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AUDUSD resumes the decline

The AUDUSD pair bounced downwards clearly after approaching the horizontal resistance at 0.6360, to head towards resuming the main bearish trend within the bearish channel that appears on the chart, on its way to visit 0.6165 followed by 0.6090 levels as main negative targets. Note that breaching 0.6270 might push the price to attempt to recover again, to head towards testing 0.6385 areas initially.



The expected trading range for today is between 0.6165 support and 0.6280 resistance. The expected trend for today: Bearish.

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Netflix - Technical Analysis

Shares of Netflix, an American entertainment company, are on a corrective trend at 230. On the daily chart, the price is showing a poor upward momentum, trying to reach the initial Fibonacci 23.6% retracement at 288. The four-hour chart shows that the potential for upward and downward movement is approximately equal since the quotes are moving in a narrow sideways corridor of 212–250 Soon, the price may test the upper limit of the channel at 250, consolidation above which will open the way to 288.

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GBPUSD - A fall is possible.

On the daily chart, the downward fifth wave of the higher level V of (V) develops, within which the wave (5) of V forms. Now, the third wave of the lower level 3 of (5) has formed, a local correction has ended as the fourth wave 4 of (5), and the development of the wave 5 of (5) has started, within which the wave iii of 5 is forming.

If the assumption is correct, the GBPUSD pair will fall to the area of 1.02 – 1. In this scenario, critical stop loss level is 1.1501.