Market Update by Solidecn.com

[Solid ECN]

Crude oil price approaches the extended target

Crude oil price shows positive trades to approach testing the key resistance 88.65, which represents one of the next trend keys besides 86.65 support line, as the price needs to surpass one of these levels to detect its destination clearly, which makes us continue with our neutrality until now.



To review the details of the expected targets of the beach, the expected trading range for today is between 85.50 support and 89.50 resistance. The expected trend for today: Neutral

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​IBM gives in to negative pressures

IBM's stock skidded in the intraday levels after the company announced an investment of $20 million in New York in PC devices, hybrid cloud services, AI, and quantum computers, with the stock sliding 2.79%, and settling at 122.23, with trading volumes surpassing 5 million shares, above 10-day averages of 4.4 million shares.





Technically, the stock is hurt by negative pressure from the 50-day SMA, while hurt by piercing the upward trend line recently in the short term, as the RSI reached overbought levels. Therefore, we expect more losses for the stock, targeting the first resistance at 118.80, provided the resistance of 126.30 held on.


Expected trend for today: Bearish

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USDCHF - Growth is possible.

On the daily chart, a downward correction ended as the second wave of the higher level 2, and the formation of the upward third wave 3 started, within which the wave (1) of 3 develops. Now, the fifth wave of the lower level 5 of (1) is forming, and the wave iii of 3 is developing.

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 0.9716.

[Solid ECN]

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.

[Solid ECN]

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

[Solid ECN]

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

[Solid ECN]

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