2023 Market Forecast by Solid ECN

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GBPUSD Technical Analysis

During today's trading sessions, the GBPUSD pair made a significant jump, breaking out from the bullish flag pattern. Currently, the pair is testing the 38.2% Fibonacci retracement level. If it manages to stabilize above this level, the bulls are likely to set their sights on 1.259, followed by a potential rise to 1.272.

The pivot point at 1.218 lends support to this bullish scenario. As long as the pair continues trading above this level, the bullish outlook remains valid and intact.​

 

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EURUSD

The EURUSD pair has soared, reaching the 50% Fibonacci level on the daily chart. Market saturation from buying pressures is evident, as shown by the RSI indicator on the 4-hour chart. Interestingly, the upper line of the previously broken bullish flag now serves as a key support, fueling the uptrend's momentum. This resistance level presents an excellent opportunity for bulls to intensify their pressure on the USD.

 

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EURGBP Analysis

The EURGBP has experienced a decline from the median line of the bullish flag, extending to the 0.869 pivot. Importantly, this level aligns with the lower line of the bullish flag, making it a crucial point to maintain a bullish outlook.

The RSI (Relative Strength Index) indicator, currently hovering above the 50 level, supports the bullish sentiment. If the EURGBP price can sustain above this pivot, an increase in price towards the R1 resistance level is likely.

Conversely, if the EURGBP price closes below the pivot and stabilizes itself at this lower level, the bullish scenario becomes invalid. In such a case, bears might aim to further drive the price down towards the S1 support level.

 

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EURGBP Analysis

The EURGBP has experienced a decline from the median line of the bullish flag, extending to the 0.869 pivot. Importantly, this level aligns with the lower line of the bullish flag, making it a crucial point to maintain a bullish outlook.

The RSI (Relative Strength Index) indicator, currently hovering above the 50 level, supports the bullish sentiment. If the EURGBP price can sustain above this pivot, an increase in price towards the R1 resistance level is likely.

Conversely, if the EURGBP price closes below the pivot and stabilizes itself at this lower level, the bullish scenario becomes invalid. In such a case, bears might aim to further drive the price down towards the S1 support level.​

 

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USDJPY Technical Analysis: A Fresh Bullish Surge

In today's trading session, the USDJPY currency pair demonstrated resilience, bouncing back from the bullish flag's lower boundary. This movement, supported by the S1 level, reinforces the bullish momentum.

The RSI indicator's rise above 50 adds to this optimism, suggesting the uptrend might persist. The pair now sets its sights on R2, aiming next for the bullish flag's upper line. This pattern indicates a robust bullish scenario, offering intriguing possibilities for traders.​

 

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EURUSD Technical Analysis: Nearing a Key Level​

The EURUSD is approaching the upper boundary of the bullish flag in the 4-hour chart, just as anticipated. This critical juncture offers a compelling opportunity for buyers, with risks situated below the R2 level.

Should the R2 mark be breached, it would undermine the current bullish scenario.​

 

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USDJPY

The USDJPY currency pair has made a notable move, breaking through the median line of the bullish flag. Simultaneously, the RSI indicator surged above the 50 level. This signals a strong bullish momentum in the pair. As it remains above the pivot, bulls are likely setting their sights on the upper channel line.

However, this bullish scenario would be invalidated if the pair closes below the pivot. Keep an eye on these developments for key trading insights.​

 

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EURUSD

On November 14, the EURUSD pair saw a big increase, shown by a long bullish candle on the chart. This shows that prices are going up, a trend supported by the Ichimoku cloud. Now, the EURUSD is doing well above the cloud and is getting close to the 50% Fibonacci level. The important point here is that a key trendline is now helping push the price up. If the price stays above this line, it might reach the 61.8% Fibonacci level.

A significant aspect of this scenario is the shift in a key trendline from a barrier to a support factor, encouraging the currency pair's upward trajectory. The stability of the EURUSD price above this trendline fuels expectations among investors for it to reach even higher, particularly aiming for the 61.8% level on the Fibonacci scale.

However, if the price goes below this line, it could drop to the 38.2% Fibonacci level. But overall, as long as the price is above the Ichimoku cloud, the market looks positive for traders and investors.​

 

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GBPUSD Market Outlook

In recent trading sessions, the GBPUSD pair saw a reduction in downward pressure at the R1 level, aligning with the central line of the ongoing bullish flag pattern. Notably, the 4-hour chart of GBPUSD revealed a hammer candlestick formation, indicating a potential shift towards an upward movement. The chart analysis points towards an anticipated push towards the R2 resistance mark.

The bullish outlook is further reinforced by the support at 1.237. However, if this support fails, it's likely that the downward trend that began on November 15th may extend, targeting the 1.228 level as an immediate goal.​

 

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EURUSD Technical Analysis​

The EURUSD currency pair experienced a rise from the 1.083 pivot point, aligning with expectations. The Average Directional Index (ADX) is currently above the level of 30, demonstrating the strength of the bullish market. The next target for the EURUSD bulls is the R1 resistance level, which stands at 1.1. This target is attainable if the price can sustain itself above the pivot point.