2023 Market Forecast by Solid ECN

[SOLID ECN LLC]

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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USDJPY Tests the Resistance

The USDJPY pair tested 131.65 level by today’s open, keeping its stability below it, accompanied by stochastic reach to the overbought areas, which supports the chances of resuming the negative trades to head towards achieving negative targets that start at 130.40 and extend to 128.90.

Therefore, we will continue to suggest the bearish trend for the upcoming period, reminding you that it is important to hold below 131.65 to continue the expected decline. The expected trading range for today is between 130.4 support and 132 resistance.​

 

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USDCAD Attempts to Recover

The USDCAD pair approached 1.3350 level and bounced upwards clearly to test the first key resistance 1.3450, consolidating below this level until now, noticing that stochastic shows clear negative signals now, waiting to push the price to resume the bearish trend that its targets begin at 1.3350 and extend to 1.3280 after breaking the previous level.

Therefore, the bearish trend scenario will remain valid conditioned by the price stability below 1.3450 and 1.3500 levels. The expected trading range for today is between 1.3350 support and 1.3490 resistance.​

 

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CADCHF Technical Analysis

The CADCHF pair succeeded to gather the additional negative momentum to confirm the continuation of the previously suggested negativity and notice its crawl towards 0.6840 recently, also, the stability of the additional barrier 0.6920 forms major factor to confirm the domination of the bearish bias, which allows us to suggest suffering additional losses by crawling towards 0.6790 level soon, followed by reaching the additional support 0.6745 that forms the next main target for the upcoming trades.

The expected trading range for today is between 0.6880 and 0.6790.​

 

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GBPUSD Resumes the Decline

The GBPUSD pair bounced bearishly after testing the bearish channel’s resistance that appears on the chart, to resume the expected bearish track on the intraday basis, which its next target located at 1.1940. The EMA50 supports the expected bearish trend, noting that the current decline is considered as bearish correction for the rise measured from 1.0297 to 1.2443, and breaking the targeted level will open the way to achieve additional declines that reach 1.1625 areas.

The EMA50 forms negative pressure that supports the continuation of the bearish trend domination in the upcoming sessions, and the price needs to get negative motive that assists to rally towards achieving the waited targets. Therefore, we expect to witness more decline on the intraday and short term basis, noting that breaching 1.2140 will stop the bearish trend and lead the price to attempt to regain the main bullish trend again.

The expected trading range for today is between 1.1940 support and 1.2110 resistance.​

 

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EURUSD Approaches the Target

The EURUSD pair resumed its negative trading to move away from 1.0745 level, as it falls under continuous negative pressure coming by the EMA50, to approach our waited target at 1.0635, reinforcing the expectations of continuing the bearish trend in the upcoming sessions. Surpassing the mentioned level will push the price to achieve more decline and head towards 1.0515 as a next main target, while the price might witness some temporary sideways fluctuation affected by stochastic positivity until getting negative motive that assists to resume the negative trades to achieve the mentioned target.

On the other hand, we notice that the price completes forming negative pattern that adds more confirmation to the continuation of the expected bearish wave, which has negative targets that surpass 1.0515 to reach 1.0400 areas. Therefore, we will continue suggest the bearish trend for the upcoming period, noting that breaching 1.0745 will stop the negative scenario and lead the price to start new recovery attempts on the intraday basis.

The expected trading range for today is between 1.0575 support and 1.0745 resistance.​

 

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Gold Price Awaits more Decline

Gold price settles below the broken support of the bearish flag pattern, to keep the negative effect of this pattern active, waiting to resume the bearish bias to head towards our main expected target at 1828.70. On the other hand, the price form new negative pattern that we expect to cause additional declines that surpass the mentioned level to head towards 1788.20 areas on the near term basis.

Therefore, we expect to witness more bearish bias on the intraday and short term basis, taking into consideration that breaching 1878.8 will stop the suggested decline and lead the price to attempt to regain the main bullish trend again. The expected trading range for today is between 1840 support and 1875 resistance.​

 

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Crude Oil Completes Positive Pattern

Crude oil price approached the positive target mentioned in our last report at 80.40, showing some bearish bias by today’s open to test the support base formed at 78.90 after breaching it previously, and consolidating above this level is considered as the first condition to continue the bullish wave on the intraday basis. By taking a deeper look at the chart, we find that the price completed forming inverted head and shoulders’ pattern that surpasses 80.40 to reach 81.60 followed by 84.25 areas, to continue suggesting the bullish trend for the upcoming period.

The EMA50 provides the positive support to the price, to reinforce the continuation of the expected bullish trend, while stochastic might cause some sideways fluctuation and temporary negative trades before resuming the expected rise. Therefore, we expect to witness more rise in the upcoming sessions, noting that breaking 78.90 followed by 78.30 levels will stop the positive scenario and push the price to turn to decline.

The expected trading range for today is between 77.50 support and 81.30 resistance.​

 

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EURGBP is Forced to Decline

The EURGBP price suffered strong negative pressures, which forces it to delay the bullish attack by reaching the extra support at 0.8875 to notice forming some of the negative waves by reaching 0.8825.

in spite of the main stability within the bullish channel’s levels but the continuation of providing negative closes below the broken support confirms its surrender to the bearish correctional bias domination, to expect reaching 0.8805 and surpassing this obstacle might extend the losses towards 0.8730, to face the moving average 55.

The expected trading range for today is between 0.8865 and 0.8805.​

 

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EURJPY Prefers the Positivity

The EURJPY pair provided new bullish trading by its rally above the moving average 55 recording some extra gains by reaching 142.40, generally, we will keep our main bullish expectation depending on the stability of the extra support at 142.25, besides stochastic attempt to provide extra positive momentum, to increase the chances for resuming the rise and recording extra gains that might begin from 143.15 reaching the next main target at 144.05.

note that the attempt of the price decline below 140.25 level and holding below it will cancel the positive overview, to expect begin forming strong negative trading that might push it to suffer several losses by reaching 139.60 and 138.20.

The expected trading range for today is between 141.10 and 142.40.​