Market Update by Solidecn.com

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NZDUSD presses on the support

The NZDUSD pair resumes its negative trading to press on 0.5564 level again, waiting for confirmed break to open the way to head towards our next target at 0.55. The technical indicators provide negative signals that support the continuation of the expected decline, which will remain valid conditioned by the price stability below 0.5640.



The expected trading range for today is between 0.55 support and 0.5615 resistance, and the expected trend for today is Bearish.

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USDCAD - Growth is possible.

On the daily chart, the fifth upward wave of the higher level 5 develops, within which the wave (1) of 5 formed, the correctional wave (2) of 5 ended, and the wave (3) of 5 develops. Now, the third wave of the lower level 3 of (3) is developing, within which a local correction has ended as the fourth wave iv of 3, and the development of the wave v of 3 has started.

If the assumption is correct, the USDCAD pair will grow to the area of 1.41 – 1.43. In this scenario, critical stop loss level is 1.3507.

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Crude Oil Technical Outlook

Crude oil price trades negatively to press on 89.75 level, to hint heading to decline on the intraday basis, targeting testing 88.2 initially, noting that breaking this level will extend the bearish wave towards 86.65 as a next negative target.



Therefore, the bearish bias will be suggested for today, noting that breaching 90.6 will stop the current negative pressure and lead the price to resume the bullish wave that its next main target located at 93.17. The expected trading range for today is between 88 support and 91 resistances.

The expected trend for today: Bearish

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USDCHF Technical Outlook

The long-term trend remains upward. Yesterday, the traders broke through the resistance level of 0.995, which opens up the target for buyers around ​​the June high of 1.0040. If it is broken, the next target will be 1.0120. If the price returns below the resistance level of 0.9950, a correction is likely with the nearest target at 0.9840.





The medium-term trend is up. Last week, quotes overcame target zone 3 (0.9903–0.9890), and the target for purchases for this week was zone 4 (1.0049–1.0034). Today, the traders renewed the high around ​​1.002, and a correction is developing. If within its framework, market participants test the key trend support 0.9876–0.9862, then new long positions from today's high at 1.002 should be considered.




Resistance levels: 1.004, 1.012 | Support levels: 0.994, 0.984

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Gold Technical Outlook

Gold price continued to decline to surpass our first target at 1673 and reach the extended target at 1660, and we expect the continuation of the negative pressure to break the last level and open the way for more decline on the intraday basis, to head towards visiting 1645 followed by 1630.00 levels as next negative stations.



Therefore, the bearish trend scenario will remain active for the upcoming period, noting that breaching 1686.4 will stop the current negative pressure and lead the price to recover again. The expected trading range for today is between 1640.00 support and 1680.00 resistance.

The expected trend for today: Bearish

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USDCAD Technical Outlook

The USDCAD pair succeeded to touch our waited target at 1.383 now, providing positive trades that support the chances of surpassing this level to head towards achieving more bullish bias in the upcoming sessions, noting that our next target extends to 1.39.



The bullish channel organizes the suggested bullish wave, which will remain valid conditioned by the price stability above 1.376. The expected trading range for today is between 1.376 support and 1.391 resistance.

The expected trend for today: Bullish

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NZDUSD Technical Outlook

The NZDUSD pair provided more negative trades to touch our second target at 0.5564 and presses negatively on it, in attempt to confirm breaking it now, reinforcing the expectations of extending the bearish wave on the intraday and short-term basis, waiting to test 0.5500 as a next target.



The EMA50 keeps pressing negatively on the price to support the continuation of the expected bearish trend scenario, noting that holding below 0.5610 is important to continue the suggested decline. The expected trading range for today is between 0.5480 support and 0.560 resistance

The expected trend for today: Bearish

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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.