Market Update by Solidecn.com

[Solid ECN]

Gold price settles above 1660 level and attempts to gain the positive momentum on the intraday time frames, while the EMA50 continues to support the price from below.



Therefore, the bullish trend scenario will remain valid and active for the upcoming period, affected by the previously completed inverted head and shoulders’ pattern, waiting to visit 1686.40 level as a next main target, reminding you that the continuation of the bullish wave depends on the price stability above 1660.

The expected trading range for today is between 1650 support and 1686 resistance, and the expected trend for today: Bullish.

[Solid ECN]

On the daily chart, the first wave of the higher level (1) developed, and a downward correction forms 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 forming, the wave (iii) of iii has formed, and a local correction is ending as the wave (iv) of iii.


If the assumption is correct, the AUDUSD pair will fall to the area of 0.6091 – 0.59. In this scenario, critical stop loss level is 0.6682.

[Solid ECN]

Yesterday, the regulator decided to raise the interest rate by 50.0 basis points, not by 75 points, as most experts predicted, bringing it to 3.75% from 3.25% earlier. In an accompanying statement, officials noted that they expect the country's gross domestic product (GDP) to seriously slowdown from 3.25% to less than 1.00% by early 2023 due to inflation, which, although it fell from 8.1% in the last quarter to 6.9% the basis of this weakening was fuel prices, which fell on the world market. Core inflation, a more accurate indicator of consumer prices, has not eased, and the Bank of Canada expects negative dynamics only in the second half of 2023.



On the daily chart of the asset, the price is trying to consolidate in a downward corrective trend.

Resistance levels: 1.3610, 1.387 | Support levels: 1.3500, 1.325

[Solid ECN]

GBPJPY Repeats the Bullish Attempts

The GBPJPY pair kept its stability near 170.10 recorded high, hinting surrendering to the domination of the bullish bias, also, the major indicators continue to provide the positive momentum allowing us to keep the bullish overview that might target 170.70 followed by attempting to achieve additional gains by moving towards 172.45 that forms the next main target.





We remind you that it is important to hold above the additional support 166.70 to confirm blocking trades within the bullish track until reaching the suggested targets. The expected trading range for today is between 168.8 and 170.7

The expected trend for today: Bullish

[Solid ECN]

XRPUSD - Technical analysis

The uncertainty of the movement of quotations is associated with the approaching timing of the court decision on the suit of the Securities and Exchange Commission (SEC) against Ripple, as well as the departure of one of its leading specialists, Nik Bougalis, who was previously involved in the software of the XRP Ledger payment system. To continue the decline, the quotes will have to consolidate below 0.4330 (Fibonacci correction 23.6%). In this case, the decline will continue to 0.3906 (Murrey [0/8]) and 0.3570. The zone 0.4883–0.4780 (Murrey [2/8], the middle line of Bollinger Bands) seems to be the key “bullish” region, the breakdown of which will lead to the price exiting the long-term downward channel and give the prospect of further growth to 0.5219 (Fibonacci correction 38.2%) and 0.5371 (Murrey [3/8]).



Resistance levels: 0.4883, 0.5219, 0.5371 | Support levels: 0.4330, 0.3906, 0.357

[Solid ECN]

Master Card - Growth is possible.

On the daily chart, the third wave of the higher level (3) formed, and a downward correction developed as the fourth wave (4), within which the wave C of (4) formed as a momentum. Now, the development of the fifth wave (5) is starting, within which the first entry wave of the lower level i of 1 of (5) is forming.

If the assumption is correct, the asset will grow to the area of 361.86 – 401. In this scenario, critical stop loss level is 277.

[Solid ECN]

Crude Oil - US inventory growth puts pressure on oil quotes

The long-term trend is downward. The key resistance level is located at 93.5, and the key support is around 76.50. Last week, buyers unsuccessfully tried to break out the 86.5 mark, therefore, we can assume a decline in prices to the nearest support level of 81.



The mid-term trend remains upward. Last week, market participants tried to break the key trend support in the area of 86.21–85.46. The trading week closed inside the range, which indicates the retention of support. The trend target is the October maximum in the area of target zone 2 (94.27–93.43). Consequently, it will be possible to consider oil purchases when the first signs of an upward movement appear from approximately the current levels.



Resistance levels: 86.5, 89.5, 93.5 | Support levels: 81, 76.5

[Solid ECN]

AUDUSD Technical Analysis

The AUDUSD pair breached 0.6397 level strongly to rally upwards and confirms heading towards the next correctional level at 0.6540, to support the continuation of the expected bullish trend for today, noting that breaching the mentioned level will extend the bullish wave to reach 0.6650, while the expected rise will remain valid conditioned by the price stability above 0.6397.

The expected trading range for today is between 0.6430 support and 0.6540 resistance. The expected trend for today: Bullish.

[Solid ECN]

USDCHF - Growth is possible.

On the daily chart, the first upward wave of the higher level (1) of 3 develops, within which the wave 5 of (1) forms. Now, the third wave of the lower level iii of 5 is developing, within which a local correction is developing as the wave (iv) of iii.

If the assumption is correct, the USDCHF pair will grow to the area of 1.02 – 1.03. In this scenario, critical stop loss level is 0.9908.

[Solid ECN]

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

On the daily chart, the upward fifth 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 forms. Now, the third wave of the lower level 3 of (3) has formed, and a local correction is developing as the fourth wave 4 of (3).

If the assumption is correct, the USDCAD pair will grow to the area of 1.43 – 1.45. In this scenario, critical stop loss level is 1.35.