Market Update by Solidecn.com

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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.

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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.

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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.

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AUDUSD Hits the First Target

The AUDUSD pair managed to touch our first target at 0.6270 and bounced bullishly from there, affected by stochastic positivity, waiting to resume the main bearish wave that its next main target at 0.6170. Holding below 0.6397 represents major condition to continue the expected decline, as breaching it will lead the price to achieve additional bullish correction that its next target might reach 0.6540.



The expected trading range for today is between 0.6250 support and 0.6380 resistance. The expected trend for today: Bearish.

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Gold Technical Analysis

Gold price resumes its negative trading to move away from the EMA50, reinforcing the expectations of continuing the bearish trend in the upcoming sessions, waiting for more decline to visit 1615.00 level that represents our next main target, reminding you that the continuation of the bearish wave depends on the price stability below 1660.



The expected trading range for today is between 1625 support and 1665 resistance, and the expected trend for today: Bearish.

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USDCHF begins with bearish gap

The USDCHF pair opened today’s trading with bearish gap that puts the price under the key support 0.9990, but it begins to cover this gap and attempts to return to the bullish channel again, to keep the chances valid to continue the expected main bullish trend for the upcoming period, which targets 1.0100 followed by 1.0170 levels mainly. Breaching 1 barrier will reinforce the positive overview, while consolidating below 0.999 will put the price under new correctional bearish pressure on the intraday basis.



The expected trading range for today is between 0.9940 support and 1.008 resistance. The expected trend for today: Bullish.

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USDCAD Tests the Support

The USDCAD pair shows negative trades to test the key support 1.3680, as it consolidates above it until now, to keep the bullish trend scenario active for the upcoming period, waiting to head towards 1.3830 initially. Breaching 1.3740 will ease the mission of achieving the expected rise, noting that breaking 1.3680 will stop the positive scenario and put the price under additional negative pressure on the intraday basis.



The expected trading range for today is between 1.3640 support and 1.3790 resistance. The expected trend for today: Bullish.

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USDJPY within tight track

The USDJPY pair didn’t show any strong move since yesterday, to fluctuate within tight track, settling above the bullish channel’s support line, thus, no change to the bullish trend scenario that depends on the price stability above 148.5, waiting to get positive motive that assists to push the price to head towards our positive targets that start at 150 and extend to 152.




The expected trading range for today is between 148.2 support and 149.9 resistance. The expected trend for today: Bullish.

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GBPUSD - A fall is possible.

On the daily chart, the downward fifth wave of the higher level V of (V) develops, within which the wave (5) of V forms. Now, the third wave of the lower level 3 of (5) has formed, a local correction has ended as the fourth wave 4 of (5), and the development of the wave 5 of (5) has started, within which the wave iii of 5 is forming.

If the assumption is correct, the pair GBPUSD will fall to the area of 1.02 – 1. In this scenario, critical stop loss level is 1.1501.

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EURUSD - A fall is possible.

On the daily chart, the fifth downward wave of the higher level (5) of А forms, within which the wave 5 of (5) forms. Now, the fifth wave of the lower level v of 5 of (5) is developing, within which the wave (i) of v of 5 has formed and a local correction is ending as the wave (ii) of v of 5.

If the assumption is correct, the EURUSD pair will fall to the area of 0.947 – 0.93. In this scenario, critical stop loss level is 0.9997.