2023 Market Forecast by SolidECN

SOLIDECN

Master Trader
Nov 16, 2021
3,253
22
54
39

GBPUSD Within Sideways Track​

The GBPUSD pair fluctuates within sideways track recently as appears on the chart, and the EMA50 continues to press negatively on the price, to keep the correctional bearish trend active, waiting to visit 1.1950 mainly.

gbpusd.png


On the other hand, we should note that breaching 1.2135 will stop the expected decline and lead the price to regain the main bullish trend again and head to achieve gains that start by visiting 1.2235 areas.

The expected trading range for today is between 1.1980 support and 1.2150 resistance.​
 

SOLIDECN

Master Trader
Nov 16, 2021
3,253
22
54
39

USDJPY Resumes the Main Bearish Track​

The USDJPY pair faced strong negative pressures in the previous sessions to return to the main bearish channel, and begins today with additional decline to break 130 barrier and open the way to continue the bearish bias on the intraday and short term basis, making the bearish trend dominant in the upcoming sessions, and we expect to target 128.90 followed by 127.85 levels as next main stations.

usdjpy.png


The EMA50 supports the expected decline, which will remain valid unless breaching 130.55 and holding above it, as breaching this level might push the price to test 132.35 areas initially before any new negative attempt.

The expected trading range for today is between 128.60 support and 130.50 resistance​
 

SOLIDECN

Master Trader
Nov 16, 2021
3,253
22
54
39

USDCAD Begins Negatively​

The USDCAD pair found solid resistance around 1.3600, to rebound downwards strongly now, on its way to turn to decline and head to achieve negative targets that start by testing 1.3500 and extend to 1.3405 after breaking the previous level.

usdcad.png


Therefore, we expect to witness more bearish bias today supported by the negative signals provide by stochastic, taking into consideration that breaching 1.3620 will stop the current negative pressure and push the price to 1.3680 initially.

The expected trading range for today is between 1.3460 support and 1.3600 resistance.​
 

SOLIDECN

Master Trader
Nov 16, 2021
3,253
22
54
39

Gold Technical Analysis​

Gold price faces negative pressure now, to head towards potential test to the key support 1824.50, affected by stochastic negativity, while the EMA50 continues to provide the positive support to the price, to keep the bullish trend scenario valid conditioned by the price stability above the mentioned support and the most important above 1812.25, reminding you that our waited targets begin at 1850 and extend to 1900.

gold.png


The expected trading range for today is between 1830 support and 1865 resistance.​
 

SOLIDECN

Master Trader
Nov 16, 2021
3,253
22
54
39

NZDUSD Technical Analysis​

The NZDUSD pair trades with strong negativity to break 0.6275 and form double top pattern that has negative targets that start by testing 0.6130, to suggest the continuation of the bearish bias in the upcoming sessions as long as 0.6275 level remains intact, noting that breaking 0.630 will extend the bearish wave to reach 0.6010 areas as a next main station.

nzdusd.png


The expected trading range for today is between 0.6150 support and 0.6260 resistance​
 

SOLIDECN

Master Trader
Nov 16, 2021
3,253
22
54
39

EURUSD - The possibility of growth remains.​

On the daily chart, the downward wave of the higher level A has completed, in which the fifth wave (5) of A has appeared and the upward wave B is developing. At the moment, the construction of the first wave 1 of (A) of B continues, in which the third wave of the lower level iii of 1 has formed and the development of a local correction as the fourth wave iv of 1 is observed.

If the assumption is correct, the EURUSD pair will rise to the area of 1.1 – 1.1196. The level of 1.0485 is critical and stop-loss for this scenario.

eurusd.png
 

SOLIDECN

Master Trader
Nov 16, 2021
3,253
22
54
39

GBPJPY Under the Negative Pressure​

The GBPJPY pair ended yesterday by touching 155.35 level, to approach the previously waited target followed by bouncing temporarily towards 157, noting that the bearish track will remain valid depending on 158.70 level forming additional barrier, to expect gathering the additional negative momentum by reaching 155 level followed by attempting to press on the historical support at 154.55.

gbpjpy.png

Any attempt to rally above the mentioned barrier might lead to postpone the negative attack and start the correctional bullish track again, to target 160 as a first correctional station. The expected trading range for today is between 157.6 and 154.6.​
 

SOLIDECN

Master Trader
Nov 16, 2021
3,253
22
54
39

USDCHF - The possibility of growth remains.​

On the daily chart, the third wave of the higher level 3 is developing, in which the ascending first wave (1) of 3 appeared and the downward correction ended as the second wave (2) of 3. At the moment, wave C of (2) has ended and wave (3) of 3 is developing.

If the assumption is correct, the upward dynamics of the USDCHF pair will continue to the area of 0.9900 – 1.0151. The level of 0.9195 is critical and stop-loss for this scenario.

usdchf.png
 

SOLIDECN

Master Trader
Nov 16, 2021
3,253
22
54
39

EURJPY Takes Breath​

The EURJPY pair started to form intraday sideways trades by consolidating near 138.2 level, attempting to take a breath after suffering additional losses yesterday and touching 137.40 target.

eurjpy.png


We remind you that forming continuous barrier at 138.8 and getting negative momentum by the major indicators will reinforce the domination of the bearish bias for the upcoming period, to keep waiting to resume the negative attack and attempt to reach 136.55 that forms the next target for the negative trades.

The expected trading range for today is between 138.80 and 137.​
 

SOLIDECN

Master Trader
Nov 16, 2021
3,253
22
54
39

GBPJPY Under the Negative Pressure​

The GBPJPY pair ended yesterday by touching 155.35 level, to approach the previously waited target followed by bouncing temporarily towards 157, noting that the bearish track will remain valid depending on 158.70 level forming additional barrier, to expect gathering the additional negative momentum by reaching 155 level followed by attempting to press on the historical support at 154.55.

gbpjpy.png


Any attempt to rally above the mentioned barrier might lead to postpone the negative attack and start the correctional bullish track again, to target 160 as a first correctional station. The expected trading range for today is between 157.6 and 154.6.​
 

SOLIDECN

Master Trader
Nov 16, 2021
3,253
22
54
39

AUDUSD Technical Analysis​

The AUDUSD pair rallied upwards strongly to approach our waited positive target at 0.6905, and we suggest the continuation of the bullish bias to visit 0.7 areas on the near term basis, to keep the bullish trend scenario active unless breaking 0.6767 and holding below it.

audusd.png

The expected trading range for today is between 0.6820 support and 0.6910 resistance.​
 

SOLIDECN

Master Trader
Nov 16, 2021
3,253
22
54
39

NZDUSD - The price is in a correction, a fall is possible.​

On the daily chart, the upward wave of the higher level (А) formed, a downward correction ended as the wave (B), and the development of the wave (C) started. Now, the first entry wave of the lower level i of 1 of (C) has formed, and a local correction is developing as the second wave ii of 1 of (C), within which the wave (c) of ii is forming.

If the assumption is correct, the NZDUSD pair will fall to the area of 0.6008 – 0.5890. In this scenario, critical stop loss level is 0.6383.

nzdusd.png
 

SOLIDECN

Master Trader
Nov 16, 2021
3,253
22
54
39

AUDUSD - Growth is possible.​

On the daily chart, the first wave of the higher level (1) formed, a downward correction ended as the second wave (2), and the development of the third wave (3) started, within which the first entry wave of the lower level i of 1 of (3) develops. Now, the wave (iii) of i has developed, a local correction has ended as the wave (iv) of i, and the wave (v) of i is developing.

If the assumption is correct, the AUDUSD pair will grow to the area of 0.7040–0.7142. In this scenario, critical stop loss level is 0.6681.

audusd.png
 

SOLIDECN

Master Trader
Nov 16, 2021
3,253
22
54
39

USDJPY achieves new gains​

The USDJPY pair rallied upwards yesterday to breach the bearish channel’s resistance and settles above it, to hint the attempt to recover on the intraday basis, but we notice that stochastic shows clear negative signals that put the price under negative pressure now, to face contradiction between the technical indicators that makes us prefer to stay aside until we get clearer signal for the next trend.

usdjpy.png

Note that continuing the rise and breaching 133.30 will lead the price to turn to the bullish trend and achieve gains that start at 134.50, while breaking 131.75 support will push the price back to the bearish track to head towards visiting 128.90 on the near term basis.

The expected trading range for today is between 131.30 support and 132.30 resistance.​
 

SOLIDECN

Master Trader
Nov 16, 2021
3,253
22
54
39

EURUSD Tests the Support​

The EURUSD pair settles at 1.0515 support line, as the price keeps its consolidation above this level, accompanied by witnessing clear positive signals through stochastic, to believe that the chances valid to resume the main bullish trend, which its targets begin at 1.0625 and extend to 1.0745 after surpassing the previous level.

1672995196272.png

Therefore, we will continue to suggest the bullish trend for the upcoming period, noting that breaking 1.0515 will push the price to achieve additional decline that targets 1.0425 areas initially. The expected trading range for today is between 1.0470 support and 1.0620 resistance.​
 

SOLIDECN

Master Trader
Nov 16, 2021
3,253
22
54
39

GBPUSD Breaks the Support​

The GBPUSD pair declined strongly yesterday to break 1.1950 level and settles below it, to open the way to achieve more bearish correction, targeting visiting 1.1795 areas on the near term basis.

gbpusd.png

Therefore, the bearish bias will be suggested for today, supported by the negative pressure formed by the EMA50, taking into consideration that breaching 1.1950 and holding above it will stop the expected decline and lead the price to start recovery attempts that target testing 1.2035 level initially. The expected trading range for today is between 1.1840 support and 1.2 resistance.​
 

SOLIDECN

Master Trader
Nov 16, 2021
3,253
22
54
39

USDJPY - A fall is possible.​

If the assumption is correct, the USDJPY pair will fall to the area of 127.36 – 121.67. In this scenario, critical stop loss level is 138.

usdjpy.png
 

SOLIDECN

Master Trader
Nov 16, 2021
3,253
22
54
39

EURUSD - Growth is possible.​

If the assumption is correct, the EURUSD pair will grow to the area of 1.1000 – 1.1196. In this scenario, critical stop loss level is 1.0485.

eurusd.png
 

SOLIDECN

Master Trader
Nov 16, 2021
3,253
22
54
39

GBPUSD - Growth is possible.​

If the assumption is correct, the GBP/USD pair will grow to the area of 1.2900 – 1.3500. In this scenario, critical stop loss level is 1.1833.

gbpusd.png
 

SOLIDECN

Master Trader
Nov 16, 2021
3,253
22
54
39

GBPJPY Tends Towards the Positivity​

Despite the GBPJPY pair’s recent weak trades, its frequent positive consolidation above 158.7 increases the chances of renewing the bullish attempts, to keep waiting to react to stochastic positivity by targeting many positive stations near 161 and 162.9.

gbpjpy.png


On the other hand, facing new negative pressures and crawling below 158.70 support line will force it to renew the negative trades, to expect targeting the negative stations at 158 followed by 156.6. The expected trading range for today is between 159 and 161.​