Market Update by Solidecn.com

[Solid ECN]

USDCHF Crawls Upwards


The USDCHF pair shows calm positive trades to gradually approach our waited target at 0.9315, to keep the bullish trend scenario valid and active as long as 0.9220 level remains intact.





Note that breaching the targeted level will extend the bullish wave to reach 0.9475 areas on the near term basis, while breaking 0.9220 represents negative factor that will push the price to the main bearish track again.


The expected trading range for today is between 0.9200 support and 0.9360 resistance.

[Solid ECN]

NZDUSD Faces Solid Support


The NZDUSD pair found solid support at 0.6290, to show some slight bullish bias and begins attempts to build bullish wave, but it loses the positive momentum clearly, which might force the price to decline again and attack the mentioned level in attempt to achieve more bearish correction.





Therefore, we prefer to stay aside until we get clearer signal for the next trend, noting that breaking the mentioned support will push the price to head towards 0.6210 followed by 0.6140 levels as next negative targets, while breaching 0.6365 represents positive factor that will lead the price to recover and achieve gains that start at 0.6445. The expected trading range for today is between 0.6260 support and 0.6380 resistance.

[Solid ECN]

GBPUSD Crawls Downwards


The GBPUSD pair approach 1.2000 barrier, showing tight sideways trades now, noticing that stochastic loses its positive momentum gradually, waiting to motivate the price to resume the bearish bias that targets testing 1.1940 level as a next station.





Therefore, the bearish trend scenario will remain valid and active conditioned by the price stability below 1.2115. The expected trading range for today is between 1.1950 support and 1.2100 resistance.

[Solid ECN]

USDCHF Hits the Target


The USDCHF pair succeeded to achieve our waited target at 0.6250, and surpassed the bearish channel’s resistance to head towards visiting 23.6% Fibonacci correction level at 0.9315 as a next target.





Therefore, the bullish trend will remain expected on the intraday basis, and breaching the last level will lead the price to achieve more bullish correction that its next target reaches 0.9475, while breaking 0.9230 will stop the expected rise and press on the price to decline again. The expected trading range for today is between 0.9170 support and 0.9330 resistance.

[Solid ECN]

AUDUSD Hits the Target


The AUDUSD pair managed to achieve our waited target at 0.6920 and settles around it now, settling below the bullish channel’s support line to fall under more correctional pressure in the upcoming sessions, targeting visiting 0.6780 areas as a next main station.





Therefore, the bearish bias will remain suggested in the upcoming sessions, taking into consideration that breaching 0.6945 will stop the expected decline and lead the price to return to the main bullish track again.


The expected trading range for today is between 0.6850 support and 0.6980 resistance

[Solid ECN]

EURUSD Heads Towards the Second Target


The EURUSD pair broke 1.0830 level strongly to open the way to achieve more decline on the intraday basis, targeting testing 1.0745 as a next negative station, to keep the bearish bias dominant in the upcoming sessions.





It is important to monitor the price when reaching the suggested target, as breaking it will push the price to achieve more decline that its next target reaches 1.0635, taking into consideration that breaching 1.0865 will stop the current negative pressure and lead the price to regain the main bullish trend again.


The expected trading range for today is between 1.0695 support and 1.0865 resistance.

[Solid ECN]

Morning Wrap - US500


S&P 500 (US500) failed to break above the 4,165 pts resistance zone last week and started to pull back. The move lower is being continued today. Tensions between China and the US are picking-up after the US Air Force shot down a Chinese spy balloon over the weekend.

[Solid ECN]

EURJPY Technical Analysis

The EURJPY pair started to form new correctional bullish wave to surpass the additional barrier 141.75 and notice recording some gains by touching 142.85 level.



Continuing to consolidate above the breached barrier reinforces the chances of renewing the correctional attempts for now, to expect targeting 143.60 and 144.00 levels, while gathering the additional negative momentum and crawling below 141.75 will activate the bearish track again, to increase the chances of crawling towards 141.10 followed by repeating the pressure on 140.25 obstacle.

The expected trading range for today is between 141.75 and 143.60.

[Solid ECN]

Gold Technical Analysis

Gold price ended yesterday below the bullish channel’s support line that appears on the chart, to start bearish correction for the rise measured from 1616.65 to 1959.75, on its way to visit 1878.8 as a first correctional target.



Therefore, we expect to witness more decline in the upcoming sessions, taking into consideration that breaching 1928.6 will stop the current negative pressure and lead the price to regain the main bullish trend again. The expected trading range for today is between 1890 support and 1930 resistance.

[Solid ECN]

Morning Wrap

• US indices finished yesterday's trading higher. S&P 500 gained 1.47%, Russell 2000 added 2.06% and Nasdaq rallied over 3%. Dow Jones was a laggard with 0.11% drop
• US index futures dropped in the after-hours trading following earnings releases from Apple, Amazon and Alphabet
• Apple dropped 3.2% in the after-hours trading. Company reported a 5% sales drop to $117.15 billion (exp. $121.10 billion) and almost 11% YoY drop in EPS, to $1.88 (exp. $1.94). CEO Tim Cook said that strong dollar, production problems in China as well as the overall macroeconomic environment were to blame for poor results
• Amazon traded 5% lower in the after-hours trading. Company reported Q4 revenue at $149.2 billion (exp. $145.4 billion) and EPS at $0.03 per share. Sales growth in cloud business slowed from 27.5 to 20% YoY in Q4 2022. Company provided a rather light guidance pointing to a 4-8% sales growth in Q1 2023
• Alphabet dropped 4.6% in the after-hours trading. Company missed sales and earnings expectations with revenue coming in at $76.05 billion (exp. $76.5 billion) and EPS reaching $1.05 (exp. $1.18). Alphabet's sales grew at a pace of just 1% YoY in Q4 2022, marking the slowest growth since Q2 2020
• Indices from Asia Pacific traded mixed. Nikkei, S&P/ASX 200, Kospi and Nifty 50 gained while indices from China and Vietnam traded lower
• DAX futures point to a slightly higher opening of the European cash session today
• US and Canadian militaries are monitoring a Chinese spy balloon that is currently flying above continental United States. It was decided not to shoot it down to prevent collateral damage from falling debris
• Chinese Caixin services PMI came in at 52.9 in January (exp. 51.6)
• BoJ Governor Kuroda said that Bank of Japan has a 8.8 trillion JPY unrealized loss from bonds it bought as part of yield curve control mechanism
• Cryptocurrencies are trading mixed today. Dogecoin gains 0.2%, BitcoinCash adds 0.8%, Bitcoin drops 0.1% and Ethereum trades 0.8% down
• Energy commodities trade lower - oil drops 0.2% while US natural gas prices traded 0.9% lower
• Precious metals trade higher - gold gains 0.2%, silver trades 0.3% higher and platinum adds 0.5%
• NZD and JPY are the best performing major currencies while EUR and CAD lag the most

Nasdaq-100 (US100) had another solid session yesterday. However, things turned sour after the close of the Wall Street cash session as Apple, Amazon and Alphabet disappointed with earnings reports. US100 took a hit and pulled back around 2.5% off yesterday's highs.