Market Update by Solidecn.com

[Solid ECN]

CHFJPY holds above the support

The CHFJPY pair formed mixed trades recently, affected by the strength of the additional barrier at 149.75, to decline towards 148.25 as appears on the chart, while the main stability within the bullish channel and the price consolidation above the major support line at 147.2 form the main factor to confirm the continuation of the positivity for the upcoming period.



Now, stochastic attempt to provide the positive momentum allows us to expect the beginning of forming bullish waves, to repeat the pressure on the mentioned barrier and assure the importance of achieving the beach to open the way to resume the rise and achieve new gains that start at 150.5.

The expected trading range for today is between 147.80 and 149.75, and the expected trend for today is Bullish.

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BTCUSD Technical Analysis

The BTCUSD continues forming the new uptrend as a standard zigzag A-B-C. The A impulse completed; the descending correction B formed as a double zigzag [W]-[X]-[Y]. The upward wave C is currently unfolding as an impulse [1]-[2]-[3]-[4]-[5]. Sub-wave [3], currently developing, should finish at a level of 21244.00, where it will be 200% of sub-wave.

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AUDUSD Technical Analysis

The AUDUSD pair trades with clear negativity now to test the key support 0.6397, which urges caution from the upcoming trading, as the price needs to hold above this level to keep the bullish trend active for the upcoming period, as breaking it will push the price to stop the correctional bullish scenario and return to the main bearish track again.



The expected trading range for today is between 0.6370 support and 0.6480 resistance. The expected trend for today: Bullish.

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USDCHF Gets New Negative Signals


The USDCHF pair provided clear positive trades yesterday to breach 0.9890 level, but it begins today with new decline to press on this support and attempts to hold below it, motivated by stochastic negativity that appears clearly on the four hours’ time frame, which supports the chances of continuing the correctional bearish trend, which its next target located at 0.9815.





Therefore, we will continue to suggest the bearish trend for the upcoming period conditioned by the price stability below 0.9890. The expected trading range for today is between 0.9800 support and 0.9950 resistance, and the expected trend for today: Bearish.

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XAUUSD - Growth is possible.

On the daily chart, a downward correction ended as the fourth wave of the higher level (4), within which the wave C of (4) formed as a momentum. Now, the development of the fifth wave (5) has started, within which the first entry wave of the lower level (i) of i of 1 of (5) has formed, a local correction has ended as the wave (ii) of i of 1 of (5), and the wave (iii) of i of 1 of (5) is developing.

If the assumption is correct, the XAUUSD pair will grow to the area of 1808.78–1861.3. In this scenario, critical stop loss level is 1616.73.

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NZDUSD Breaches the Resistance

The NZDUSD pair rallies upwards now to breach 0.5835 level and attempts to hold above it, reinforcing the expectations of continuing the correctional bullish trend, opening the way to head towards 0.5910 as a next main target. The EMA50 continues to support the suggested bullish wave, noting that holding above 0.5835 represents initial condition to continue the expected rise.



The expected trading range for today is between 0.5810 support and 0.5930 resistance. The expected trend for today: Bullish.

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EURUSD Under the Negative Pressure

The EURUSD pair ended yesterday below 1.0000 level, to fall under potential negative pressure in the upcoming sessions, but we notice that stochastic shows clear positive signals that pushes the price to start positively today, to face contradiction between the technical factors that makes us prefer to stay aside until the price confirms its situation according to the mentioned level.



Note that consolidating below it will press on the price to achieve new declines and head towards 0.9890 followed by 0.9850 levels, while breaching it will lead the price to resume the correctional bullish wave that its next targets located at 1.0150 followed by 1.0285.

The expected trading range for today is between 0.9900 support and 1.0080 resistance. The expected trend for today: Neutral.

[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