2023 Market Forecast by SolidECN

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Gold Technical Analysis​

Gold price shows weak trades since morning, affected by stochastic negativity to show some slight bearish bias, and as long as the price is above 1835, our bullish overview will remain valid for today, supported by the EMA50 that keeps carrying the price from below, reminding you that our waited targets begin at 1900 and extend to 1928.6.

The expected trading range for today is between 1860 support and 1900 resistance.​

 

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AUDUSD Surpasses the First Target​

The AUDUSD pair rallied upwards sharply after leaning on the bullish channel’s support line, to surpass our first positive target at 0.6905 and open the way to achieve more expected gains in the upcoming period, waiting to visit 0.7000 as a next main target.

The EMA50 supports the expected bullish wave, noting that breaking 0.6880 might press on the price to test 0.6770 areas before any new attempt to rise. The expected trading range for today is between 0.6870 support and 0.7000 resistance​

 

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USDCHF hits the second target​

The USDCHF pair managed to achieve our second waited target at 0.9215 and attempts to confirm breaking it, reinforcing the expectations of continuing the domination of the bearish trend, reminding you that our next target reaches 0.9100.

Holding below 0.9265 represents key condition to continue the expected decline, as breaching it will push the price to start recovery attempts and head towards 0.9340 followed by 0.9435 areas as main positive targets. The expected trading range for today is between 0.9140 support and 0.9265 resistance.​

 

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Gold Technical Analysis​

Gold price attempts to breach the bullish flag’s resistance mentioned this morning, accompanied by witnessing positive overlapping signal through stochastic, waiting to resume the bullish wave that targets 1900 followed by 1928.6 levels as next main stations, reminding you that the expected rise depends on the price stability above 1862.

The expected trading range for today is between 1860 support and 1895 resistance.​

 

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Gold Completes the Bullish Pattern​

Gold price managed to breach the bullish flag’s resistance and settled above it, to get positive motive that we are waiting to push the price to provide new positive trading that its targets begin at 1900 and extend to 1928.6.

The EMA50 continues to support the price from below, to keep the bullish trend scenario valid and active in the upcoming sessions unless breaking 1865.00 and holding below it. The expected trading range for today is between 1860 support and 1900 resistance.​

 

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AUDUSD - Growth is possible.​

If the assumption is correct, the AUDUSD pair will grow to the area of 0.704 – 0.7142. In this scenario, critical stop loss level is 0.6717.

 

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EURUSD Surpasses the Resistance​

The EURUSD pair managed to breach 1.0745 level and hold above it, reinforcing the expectations of continuing the bullish trend in the upcoming sessions, opening the way to head towards 1.0915 as a next main station, supported by the EMA50.

On the other hand, we should note that breaking 1.0745 and holding below it will put the price under negative pressure that targets testing 1.0645 areas initially.

The expected trading range for today is between 1.0700 support and 1.0860 resistance.​

 

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NZDUSD Awaits the Breach​

The NZDUSD pair continues to fluctuate within the bullish flag pattern, waiting to breach 0.6375 to activate the positive effect of this pattern followed by rallying towards 0.6440 followed by 0.6510 levels mainly.

In general, the bullish trend will remain valid conditioned by the price stability above 0.6275. The expected trading range for today is between 0.6330 support and 0.6450 resistance.​

 

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XAUUSD - Growth is possible.​

If the assumption is correct, the XAUUSD pair will grow to the area of 1990 – 2050. In this scenario, critical stop loss level is 1759.43.

 

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XAUUSD - Growth is possible.​

If the assumption is correct, the XAUUSD pair will grow to the area of 1990 – 2050. In this scenario, critical stop loss level is 1759.43.

Post automatically merged: Jan 13, 2023

EURUSD Resumes the Rise​

The EURUSD pair rallied upwards strongly yesterday to reach 1.0850 areas, reinforcing the expectations of continuing the bullish trend, and the way is open to achieve our waited target at 1.0915.

The EMA50 continues to support the suggested bullish wave, which will remain valid unless breaking 1.0745 and holding below it. The expected trading range for today is between 1.0770 support and 1.0940 resistance.​

 

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USDCAD touches the target​

The USDCAD pair managed to touch our waited target at 1.3350 and finds solid support there, to show some bullish bias affected by stochastic positivity, while the EMA50 forms negative pressure against the price to support the chances of continuing the main bearish trend and surpass the mentioned level to head towards 1.3205 as a next negative station.

Therefore, we will continue to suggest the bearish trend for the upcoming period, noting that breaching 1.3425 will push the price to achieve additional gains and test 1.3500 before any new attempt to decline. The expected trading range for today is between 1.3300 support and 1.3450 resistance.​

 

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Silver - Growth is possible.​

If the assumption is correct, the XAGUSD pair will grow to the area of 26 – 27. In this scenario, critical stop loss level is 23.04.

 

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USDCHF Loses Momentum​

The USDCHF pair fluctuates at the EMA50, noticing that stochastic loses its positive momentum clearly, waiting to motivate the price to resume the negative trading that its targets begin by breaking 0.9215 to open the way to visit 0.9150 followed by 0.9100 levels.

Therefore, we will continue to suggest the bearish trend for the upcoming period unless breaching 0.9330 and holding above it. The expected trading range for today is between 0.9170 support and 0.9300 resistance.​

 

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AUDUSD Awaits more Rise​

The AUDUSD pair faced temporary negative pressure in the previous sessions to lean on the intraday support line that appears on the chart and begins rising now, accompanied by witnessing positive signals through stochastic, waiting to motivate the price to provide more positive trades on the intraday and short term basis, reminding you that our next target is located at 0.7080.



Therefore, our bullish overview will remain valid conditioned by the price stability above 0.6915. The expected trading range for today is between 0.6920 support and 0.7040 resistance.​

 

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GBPUSD Technical Analysis​

The GBPUSD pair shows calm trades since morning, and AC provides the positive signals, waiting to resume the bullish trend that targets 1.2440 level as a next main station, reminding you that the continuation of the bullish wave depends on the price stability above 1.2150.

The expected trading range for today is between 1.2130 support and 1.2290 resistance.​

 

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ETHUSD - Technical analysis​

The price left the sideways range of 1325 – 1090, where it had been trading for about two months, and reached 1566.40. Further growth of quotations is possible around November highs to 1650, the breakdown of which may cause an increase around 1875 (Murrey level [3/8] for W1). If 1500 (Murrey level [8/8]) is broken down, the decline may resume to 1375 (Murrey level [6/8], Fibonacci retracement 50.0%) and 1312.5 (Murrey level [5/8], Fibonacci retracement 38 .2%, the middle line of Bollinger bands).

Resistance levels: 1650, 1875 | Support levels: 1500, 1375, 1312.5​

 

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USDCAD - Growth is possible.​

On the daily chart, the upward fifth wave of the higher level 5 develops, within which the wave (3) of 5 forms. Now, the wave 5 of (3) is developing, within which the wave i of 5 has appeared, a local correction has ended as the wave ii of 5, and the formation of the wave iii of 5 is starting.

If the assumption is correct, the USDCAD pair will grow to the area of 1.3978 – 1.45. In this scenario, critical stop loss level is 1.3315.

 

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USDCHF - Growth is possible​

On the daily chart, the third wave of the higher level 3 develops, within which the upward first wave (1) of 3 formed, and a downward correction ended as the second wave (2) of 3. Now, the wave C of (2) has ended, and the development of the upward wave (3) of 3 has started, within which the first entry wave of the lower level i of 1 of (3) has formed.

If the assumption is correct, the USDCHF pair will grow to the area of 0.99 – 1.0147. In this scenario, critical stop loss level is 0.9164.

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AUDUSD - Australian construction sector remains under pressure​

Significant problems in the national economy constrain the positive dynamics of the Australian currency: another negative signal came from the real estate sector, where the Q4 total volume of commissioning of new housing decreased by 5.2% to 45.489K, and the indicator in the private sector – by 4.9 % to 28.895K. Construction in other housing projects fell by 5.2%, amounting to 15.618K, and the total cost of work performed in the industry increased by 1.5%, reaching 30.6B Australian dollars. After the June reversal of the trend, the indicators of the construction sector are declining, approaching the historical lows of the pandemic 2020.

On the daily chart of the asset, the trading instrument is moving within a narrow upward corridor, rising in the direction of the resistance line, and the technical indicators strengthen the buy signal.

Resistance levels: 0.7048, 0.7257 | Support levels: 0.6915, 0.6719​

 

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NZDUSD Touches the Second Target​

The NZDUSD pair managed to touch our second waited target at 0.6510 and bounced downwards clearly from there, to test the intraday bullish channel’s support line now, accompanied by witnessing positive signals through stochastic, waiting to motivate the price to resume the bullish wave that its next target reaches 0.6600.



Therefore, we suggest the continuation of the main positive scenario, noting that failing to consolidate above 0.6415 will put the price under additional negative pressure that targets 0.6345 followed by 0.6275 levels as next main stations. The expected trading range for today is between 0.6360 support and 0.6500 resistance​