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S&P 500 - US stock market continues to recover

The American market continues to correct against the backdrop of corporate reporting and positive expectations of investors regarding a possible reduction in inflation. The S&P 500 is currently trading at 3898.

Experts predict a slowdown in consumer price growth in the US, which will allow the stock market to continue its upward correction. Mike Wilson, a leading analyst at Morgan Stanley banking holding, believes that against this background, S&P 500 quotes may overcome 4100.0 in the near future, as the M2 money supply has fallen sharply over the past month. The analyst is confident that the results of tomorrow's meeting of the US Federal Reserve will also be a catalyst for the upward dynamics in the asset, at which, most likely, a decision will be made on the next increase in interest rates by 75 basis points.

The index quotes continued the local corrective trend, taking a lead from a Head and Shoulders reversal pattern.

Technical indicators maintain the buy signal: the fast EMAs of the Alligator indicator are above the signal line, and the histogram of the AO oscillator is trading in the buy zone, forming ascending bars.

Support levels: 3830, 3630 | Resistance levels: 3950, 4120​

 

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AUDUSD Technical Analysis​

The AUDUSD pair attempts to return to the correctional bullish channel, waiting for more rise for the rest of the day, to keep the bullish trend scenario active as long as 0.6397 level remains intact, noting that our next main target is located at 0.6540.

The expected trading range for today is between 0.6360 support and 0.6480 resistance, and the expected trend for today is Bullish.​

 

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EURUSD Technical Analysis​

The EURUSD pair fluctuates at the intraday bearish channel’s resistance now, and the EMA50 meets this resistance to add more strength to it, to support the continuation of the expected bearish trend for today, which its next targets located at 0.9840 followed by 0.9700, while holding below 1 represents major condition to continue the expected decline.

The expected trading range for today is between 0.9800 support and 0.9970 resistance and expected trend for today is Bearish.​

 

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GBPCHF Hits the Resistance​

The GBPCHF pair ended the correctional bullish attack by hitting key resistance at 1.1575, to increase the chances of its affect by the negative trades for the near term and medium-term period, and notice crawling towards 1.1410.

Stochastic attempts to provide the negative momentum will provide the price with new negative momentum, to reinforce the chances of declining and target 1.1285 followed by repeating the pressure on 1.1120 obstacle.

The expected trading range for today is between 1.1530 and 1.1300, and the expected trend for today is Bearish.​

 

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GBPUSD Technical Analysis

The GBPUSD pair broke the bullish channel’s support line strongly to confirm the continuation of the bearish trend domination on the intraday basis, opening the way to achieve bearish correction that its next target reaches 1.1130, making the bearish bias suggested for the rest of the day unless the price rallied to breach 1.1325 followed by 1.1400 levels and hold above them.

The expected trading range for today is between 1.1200 support and 1.1325 resistance, and the expected trend for today is Bearish.​

 

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Oil price forecast

Oil short-term uptrend continued. The high of October 27 was broken through. Oil traders tried to break out the upper Target Zone 89.51 – 88.76 but failed. The oil price is now being corrected down with a potential target to test Additional Zone 87.80 – 87.61. After the AZ zone test, I suggest entering new purchases according to the pattern with a target at yesterday’s high.

If the price breaks out the Additional Zone downside within the correction, the oil price should reach the Intermediary Zone 85.92 – 85.55, which is the border of the short-term uptrend. In this scenario, one could also enter purchases after the price reaches the IZ.

US Crude trading ideas for today:

• Buy according to the pattern in Additional Zone 87.80 - 87.61. Take Profit: 89.61 - Stop Loss: according to the pattern rules.
• Buy according to the pattern in Intermediary Zone 85.92 - 85.55. Take Profit: 89.61 - Stop Loss: according to the pattern rules.

 

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USDCHF Hits the Target

The USDCHF pair succeeded to achieve our waited target at 1.0145 and found solid resistance there, to show some bearish bias now, facing contradiction between the technical factors that makes us prefer to stay aside until we get clearer signal for the next trend.

Note that breaching the above mentioned level will lead the price to achieve additional gains that reach 1.0200 direct, while breaking 1.0090 support will press on the price to continue the decline and head to test 0.9990 areas before any new attempt to rise.

The expected trading range for today is between 1.0040 support and 1.0190 resistance, and the expected trend for today is Neutral.​

 

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AUDUSD Begins Positively

The AUDUSD pair opens today’s trading with clear positivity to head towards potential test to the broken neckline of the double top pattern that appears on the chart, waiting to resume the bearish wave that targets 0.6265 followed by 0.6170 levels as next main stations.

Until now, the bearish trend scenario still valid and active unless the price rallied to breach 0.6397 and hold above it, noting that the EMA50 supports the suggested decline. The expected trading range for today is between 0.6260 support and 0.6370 resistance, the expected trend for today is Bearish.​

 

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GBPUSD - The market is concerned about Sunak's rhetoric to phase out fossil fuels

Yesterday, the media circulated excerpts from a statement by British Prime Minister Rishi Sunak, with which he intends to speak at today's 27th United Nations (UN) climate change conference. So, the position of the office is based on the rejection of fossil fuels in favor of renewable energy sources and that the United Kingdom is ready to work with foreign allies on the issue of an early "green transition." It may mean that the country will continue the policy of quickly abandoning oil and gas, which threatens serious economic problems. Sunak called the fight against inflation the key task for the government, which reached 10.1%, and not the pursuit of the well-being of citizens.

The instrument is kept within the long-term downward channel, trading near the resistance line.

Resistance levels: 1.146, 1.1756 | Support levels: 1.1154, 1.084​

 

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The EURUSD Achieves Strong Gains

The EURUSD pair ended last Friday with strong positivity, settling above 0.9900 barrier, to reinforce the chances of continuing the rise in the upcoming period, waiting to test 1 level as a next station, noting that breaching this level will lead the price to achieve additional gains that reach 1.0165. Therefore, the bullish bias will be suggested for today, noting that breaking 0.9870 will stop the positive scenario and press on the price to decline again, to head towards visiting 0.9755 initially.

The expected trading range for today is between 0.9870 support and 1.0030 resistance, and the expected trend for today is Bullish.​