Market Update by Solidecn.com

[Solid ECN]

NZDUSD Within Sideways Track


The NZDUSD pair still stuck between the next trend keys represented by 0.6290 support and 0.6360 resistance, which makes us continue with our neutrality until now, waiting to breach one of these levels to detect the next destination clearly.





We remind you that breaking the support will press on the price to achieve negative targets that start at 0.6210 followed by 0.6140, while breaching the resistance will lead the price to attempt to regain the main bullish trend and head towards 0.6465 followed by 0.6530 levels as main positive stations. The expected trading range for today is between 0.6270 support and 0.6400 resistance.

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EURUSD Technical Analysis

The EURUSD pair declined clearly yesterday to approach our waited target at 1.0635, but it bounced bullishly to test 1.0745 again, and it keeps its stability below it until now, to keep the bearish trend scenario valid for the upcoming period, noting that surpassing the mentioned target will push the price to 1.0515 as a next negative station.



On the other hand, we should note that breaching 1.0745 will stop the expected decline and lead the price to attempt to regain the main bullish trend again. The expected trading range for today is between 1.0640 support and 1.0800 resistance.

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GBPJPY Repeats the Negative Closings


The GBPJPY pair confirmed keeping the domination of the bearish bias by providing new negative close below the additional barrier 159.90, to notice forming bearish waves and achieve some negative targets by reaching 157.45.





We expect to gather the additional negative momentum to resume the bearish attack and succeed to crawl below 157.30 obstacle to target 156.65 followed by 155.70 levels direct. The expected trading range for today is between 159.00 and 157.3.

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Chart of the Day - USDDIX

The dollar index fell below 103 on Wednesday, extending yesterday's losses sparked by Powell’s latest comments. Head of the Fed said that more rate hikes will likely be needed and that the terminal rate could peak higher if the jobs market remains strong, however underlined that disinflation has begun. Traders now look ahead to more Fed commentary on Wednesday for further guidance.





From a technical point of view, USDIDX bounced off key resistance at 103.40, which is marked with upper limit of the local 1:1 structure, previous price reactions,50 SMA (green line) and upper limit of the descending channel. As long as price sits below the aforementioned level, the main sentiment remains bearish. Nearest major support to watch is located around recent lows at 100.60. On the other hand, if buyers manage to regain control, upward correction may be launched towards resistance at 105.30, which coincides with 38.2% Fibonacci retracement of the upward move launched in January 2021.

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GBPAUD Prepares for New Decline

The GBPAUD pair repeated the strong negative trades affected by the negative momentum coming by the major indicators, to consolidate below 61.8% Fibonacci correction level at 1.7500.





We expect to crawl towards 1.7190 to form the first target for the bearish track, noting that breaking this obstacle will allow the price to continue the decline and target more negative stations that might start at 1.7110 and 1.7055. The expected trading range for today is between 1.7360 and 1.7110.

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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.

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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.

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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.

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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