Market Update by Solidecn.com

[Solid ECN]

GBPCAD holds above the support

The GBPCAD pair confirmed keeping the bullish attempts by providing new positive close above the minor bullish channel’s support line at 1.6470, to manage to renew the bullish rally and settle near 1.6555.



Now, stochastic attempt to provide the positive momentum allows us to suggest more positive attempts, to target 1.6680 level soon, while surpassing it will push the price to reach the additional stations at 1.6800 and 1.6930 levels. The expected trading range for today is between 1.6490 and 1.6680.

[Solid ECN]

Gold Technical Analysis

Gold price didn’t show any strong move since morning, and as long as the price is below 1936, our bearish overview will remain valid for today, supported by stochastic loss to the positive momentum, reminding you that our waited target is located at 1908.40.



The expected trading range for today is between 1908 support and 1940 resistance.

[Solid ECN]

GBPUSD Needs Strong Positive Motive

The GBPUSD pair fluctuates within tight track since last Friday, settling above the EMA50 that forms good intraday support against the price, to keep our bullish overview that its targets start by breaching 1.2440 to open the way to head towards 1.2595.



On the other hand, we should note that breaking 1.2320 will push the price to achieve some intraday bearish correction before turning back to resume the main bullish trend again. The expected trading range for today is between 1.2320 support and 1.2485 resistance.

[Solid ECN]

EURUSD Tests the Moving Average

The EURUSD pair continues to provide weak trades around the EMA50, noticing that stochastic attempts to provide positive signals, waiting to motivate the price to resume the bullish wave that targets 1.1030 as a next station.



Therefore, the positive scenario will remain active as long as 1.0845 level remains intact, reminding you that breaking this level will put the price under intraday pressure to test 1.0745 areas before any new attempt to rise. The expected trading range for today is between 1.0800 support and 1.0960 resistance.

[Solid ECN]

Crude Oil - Growth is possible.

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 76.50.

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Silver - Growth is possible.


If the assumption is correct, the XAGUSD pair will grow to the area of 26 – 27. In this scenario, critical stop loss level is 22.64.

[Solid ECN]

USDCAD breaks the support

The USDCAD pair succeeded to break 1.3350 level and closed the daily candlestick below it, which supports the continuation of our bearish overview efficiently for the upcoming sessions, opening the way to head towards our next target that reaches 1.3205.



The EMA50 continues to support the suggested bearish wave, which will remain valid unless breaching 1.3350 and holding above it again. The expected trading range for today is between 1.3260 support and 1.3400 resistance.

[Solid ECN]

EURUSD gathers the positive momentum

The EURUSD pair provided slight negative trades yesterday to test the EMA50, noticing that stochastic gathers the positive momentum clearly, waiting to motivate the price to resume the main bullish trend, which targets 1.1030 as a next station.



Therefore, our bullish overview will remain valid for the upcoming period, noting that breaking 1.0845 might press on the price to test 1.0745 areas before any new attempt to rise. The expected trading range for today is between 1.0800 support and 1.0970 resistance.

[Solid ECN]

XAUUSD - Growth is possible.

If the assumption is correct, the XAUUSD pair will grow to the area of 1990 – 2050. In this scenario, critical stop loss level is 1782.23.

[Solid ECN]

Dow Jones - The US stock market is preparing to continue its growth

Tesla Inc., an electric car maker, released financial results yesterday, with fourth-quarter revenue of 24.32 billion dollars, lower than forecast of 24.68 billion dollars, and with earnings per share of 1.19 dollars, higher than the previous quarter's figure of 1.05 dollars. In turn, technology giant IBM Corp. posted revenue of 16.70 billion dollars against a forecast of 16.13 billion dollars and earnings per share of 3.60 dollars, well above 1.81 dollars a quarter earlier.

Among the negative publications, one can single out yesterday's report of the manufacturer of aviation, space and military equipment, Boeing Co., whose quarterly revenue amounted to 19.98 billion dollars, an increase of 35.0% compared to the previous quarter. The company's recovery still failed to turn it into profit, with a loss per share of 1.75 dollars after -6.18 dollars per share in the previous quarter.



On the daily chart, the index quotes continue corrective dynamics, again trying to overcome the channel's resistance line at 34160, and the technical indicators are in a state of uncertainty.

Support levels: 33300, 32500 | Resistance levels: 34160, 35300