2023 Market Forecast by SolidECN

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EURJPY Technical Analysis​

The EURJPY pair started to form new correctional bullish wave to surpass the additional barrier 141.75 and notice recording some gains by touching 142.85 level.

Continuing to consolidate above the breached barrier reinforces the chances of renewing the correctional attempts for now, to expect targeting 143.60 and 144.00 levels, while gathering the additional negative momentum and crawling below 141.75 will activate the bearish track again, to increase the chances of crawling towards 141.10 followed by repeating the pressure on 140.25 obstacle.

The expected trading range for today is between 141.75 and 143.60.​

 

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Nasdaq 100 - American stock market is preparing for a reversal​

One of the leading US indexes Nasdaq 100 shows corrective dynamics, being at around 12500.0, reversing downwards amid disappointing financial results of large companies. The situation cannot be changed even by the strengthening of the positions of the American currency, supported by data on an increase in the Nonfarm Payrolls by 517.0 thousand jobs with an expected growth of only 190.0 thousand.

The largest online retailer Amazon.com Inc. reported close-to-loss quarterly earnings per share of just 0.03 dollars, worse than the 0.17 dollars forecast. At the same time, the company increased its revenue from 127.1 billion dollars to 149.2 billion dollars. Technology giant Apple Inc. posted earnings per share of 1.88 dollars, lower than the expected 1.94 dollars, and revenue of 117.2 billion dollars versus a forecast of 121.88 billion dollars. In turn, Alphabet Inc. reported revenue of 76.05 billion dollars versus a forecast of 76.07 billion dollars and earnings per share of 1.05 dollars, down from the previous quarter's figure of 1.06 dollars.

On the daily chart, the index quotes are correcting as part of the global Expanding Formation pattern, approaching the resistance line. Technical indicators are holding a buy signal, which is about to start weakening.

Support levels: 12200, 11400 | Resistance levels: 12800, 13600​

 

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XAUUSD - Global demand for gold remains at a record high​

Yesterday, gold quotes recorded the most significant drop since last June, dropping by 90.0 dollars from 1950.0 to Friday's low at 1860.0, the key driver of which was the growth of the US dollar from 101.500 to 102.900 in the USD Index against the background of a strong report on the US labor market. Investors perceived the movement as a local correction, which will not receive a serious continuation since the fundamental global background does not contribute to the decline in the asset: according to the report for 2022, global demand for gold amounted to 4.741K tons, which is an absolute record since 2011. Most of the positive momentum came from central banks' purchases, which mostly wished to remain anonymous. According to experts, regulators thus hope to protect themselves from possible sanctions, providing strong support for national economies.

On the daily chart, the trading instrument is correcting, keeping around the support line of the rising corridor. Technical indicators weaken the buy signal.

Resistance levels: 1900, 1960 | Support levels: 1860, 1800​

 

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EURUSD Heads Towards the Second Target​

The EURUSD pair broke 1.0830 level strongly to open the way to achieve more decline on the intraday basis, targeting testing 1.0745 as a next negative station, to keep the bearish bias dominant in the upcoming sessions.

It is important to monitor the price when reaching the suggested target, as breaking it will push the price to achieve more decline that its next target reaches 1.0635, taking into consideration that breaching 1.0865 will stop the current negative pressure and lead the price to regain the main bullish trend again.

The expected trading range for today is between 1.0695 support and 1.0865 resistance.​

 

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AUDUSD Hits the Target​

The AUDUSD pair managed to achieve our waited target at 0.6920 and settles around it now, settling below the bullish channel’s support line to fall under more correctional pressure in the upcoming sessions, targeting visiting 0.6780 areas as a next main station.

Therefore, the bearish bias will remain suggested in the upcoming sessions, taking into consideration that breaching 0.6945 will stop the expected decline and lead the price to return to the main bullish track again.

The expected trading range for today is between 0.6850 support and 0.6980 resistance​

 

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GBPUSD Crawls Downwards​

The GBPUSD pair approach 1.2000 barrier, showing tight sideways trades now, noticing that stochastic loses its positive momentum gradually, waiting to motivate the price to resume the bearish bias that targets testing 1.1940 level as a next station.

Therefore, the bearish trend scenario will remain valid and active conditioned by the price stability below 1.2115. The expected trading range for today is between 1.1950 support and 1.2100 resistance.​

 

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NZDUSD Faces Solid Support​

The NZDUSD pair found solid support at 0.6290, to show some slight bullish bias and begins attempts to build bullish wave, but it loses the positive momentum clearly, which might force the price to decline again and attack the mentioned level in attempt to achieve more bearish correction.

Therefore, we prefer to stay aside until we get clearer signal for the next trend, noting that breaking the mentioned support will push the price to head towards 0.6210 followed by 0.6140 levels as next negative targets, while breaching 0.6365 represents positive factor that will lead the price to recover and achieve gains that start at 0.6445. The expected trading range for today is between 0.6260 support and 0.6380 resistance.​

 

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USDCHF Crawls Upwards​

The USDCHF pair shows calm positive trades to gradually approach our waited target at 0.9315, to keep the bullish trend scenario valid and active as long as 0.9220 level remains intact.

Note that breaching the targeted level will extend the bullish wave to reach 0.9475 areas on the near term basis, while breaking 0.9220 represents negative factor that will push the price to the main bearish track again.

The expected trading range for today is between 0.9200 support and 0.9360 resistance.​

 

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GBPAUD Prepares for New Decline​

The GBPAUD pair repeated the strong negative trades affected by the negative momentum coming by the major indicators, to consolidate below 61.8% Fibonacci correction level at 1.7500.

We expect to crawl towards 1.7190 to form the first target for the bearish track, noting that breaking this obstacle will allow the price to continue the decline and target more negative stations that might start at 1.7110 and 1.7055. The expected trading range for today is between 1.7360 and 1.7110.​

 

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GBPJPY Repeats the Negative Closings​

The GBPJPY pair confirmed keeping the domination of the bearish bias by providing new negative close below the additional barrier 159.90, to notice forming bearish waves and achieve some negative targets by reaching 157.45.

We expect to gather the additional negative momentum to resume the bearish attack and succeed to crawl below 157.30 obstacle to target 156.65 followed by 155.70 levels direct. The expected trading range for today is between 159.00 and 157.3.​

 

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EURUSD Technical Analysis​

The EURUSD pair declined clearly yesterday to approach our waited target at 1.0635, but it bounced bullishly to test 1.0745 again, and it keeps its stability below it until now, to keep the bearish trend scenario valid for the upcoming period, noting that surpassing the mentioned target will push the price to 1.0515 as a next negative station.

On the other hand, we should note that breaching 1.0745 will stop the expected decline and lead the price to attempt to regain the main bullish trend again. The expected trading range for today is between 1.0640 support and 1.0800 resistance.​

 

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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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NZDUSD Technical Analysis​

The NZDUSD pair trades positively to test the key resistance 0.6340, reminding you that consolidating below this level is required to continue the expected negative scenario, which its targets begin by breaking 0.6290 to confirm opening the way to head towards 0.6210 followed by 0.6140 levels.

On the other hand, breaching 0.6340 will push the price to build new bullish wave that its targets begin by testing 0.6390 areas and extend to 0.6490. The expected trading range for today is between 0.6240 support and 0.6350 resistance.​

 

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EURUSD Attempts to Rebound​

Fed's Bowman pointed out today that the US central bank still has a lot of work to do in order to achieve financial stability. Bowman emphasizes that further tightening of monetary policy is needed in order to achieve the desired level of inflation. Bowman also points out that interest rates need to reach restrictive levels and will stay there for a long time.

Volatility is rather limited today as the market awaits tomorrow’s US CPI report. EURUSD rebounds despite the fact that yields are rather muted, which is attributed to good market sentiment.​