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SOLIDECN

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Nov 16, 2021
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USD/JPY Wave Analysis​


The pair may grow.
On the daily chart, the third wave of the higher level 3 of (1) develops, within which the first wave of the lower level i of 3 formed, a correction developed as the second wave ii of 3, and the third wave iii of 3 develops. Now, the third wave of the lower level (iii) of iii has formed, a local correction has ended as the wave (iv) of iii, and the fifth wave (v) of iii is developing. If the assumption is correct, the pair will grow to the levels of 118.00–120.60. In this scenario, critical stop loss level is 113.10.​

usdjpy_wave analysis_11122_#1.pngusdjpy_wave analysis_11122_#2.png
 

SOLIDECN

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XAG/USD Elliot Wave Analysis


The pair may grow.

On the daily chart, the first wave of the higher level (1) of 3 formed, a downward correction developed as the wave (2) of 3, and the development of the third wave (3) of 3 started. Now, the first wave of the lower level i of 1 of (3) has formed, a local correction has developed as the wave ii of 1, and the formation of the wave iii of 1 has started, within which the development of the wave (iii) of iii has started. If the assumption is correct, the price will grow to the levels of 26.76–28.68. In this scenario, critical stop loss level is 21.40.​

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SOLIDECN

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EURUSD Technical Analysis​


Current trend
The European currency shows moderate growth against the US dollar during the Asian session, continuing the development of flat dynamics in the short term.

The day before, EUR/USD showed a rather active decline, which was caused by a short-term strengthening of the American currency, which is supported by the expectations of an imminent increase in interest rates by the US Fed. Last week, the regulator released the minutes of its last meeting, which demonstrate "hawkish" rhetoric. Representatives of the department noted the negative effect of the continuing growth in consumer inflation, as well as the still tense situation on the labor market. In 2022, the regulator may increase the rate 3 or more times, and the first adjustment may occur as early as March, subject to the acceleration of the curtailment of the quantitative easing (QE) program.

Monday's macroeconomic statistics from the eurozone provided little support to the euro. Sentix Investor Confidence in January rose from 13.5 to 14.9 points against the forecast of a reduction to 12 points. The Unemployment Rate in the region in November, as expected, decreased from 7.3% to 7.2%.

Support and resistance
Bollinger Bands in D1 chart demonstrate flat dynamics. The price range is almost unchanged, but it remains rather spacious for the current level of activity in the market. MACD indicator is growing preserving a weak buy signal (located above the signal line). Stochastic keeps its upward direction but is rapidly approaching its highs, which reflects the risks of overbought EUR in the ultra-short term.

Resistance levels: 1.1363, 1.1400, 1.1422, 1.1460.
Support levels: 1.1329, 1.1300, 1.1255, 1.1220.​

 

SOLIDECN

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ETH/USD, Technical Analysis



Current trend
Last week, ETH/USD continued to decline and reached four-month lows around 3125.00 (Murray [2/8]), while leaving the descending channel. Further movement of quotations is likely to continue to the levels of 2812.50 (Murray [1/8]) and 2500.00 (Murray [0/8]).

In general, the downtrend in the asset remains, which is confirmed by the downward reversal of Bollinger Bands and the increase in the MACD histogram in the negative zone; however, the reversal of Stochastic from the overbought zone does not exclude an upward correction. In case of a breakout of the lower border of the descending channel in the area of 3270.00, the trend is likely to change to the levels of 3540.00 (Fibonacci retracement 61.8%, the center line of Bollinger Bands) and 3750.00 (Fibonacci retracement 50.0%, Murray [4/8]). Nevertheless, a decline in quotations is the most likely scenario at the moment.

Support and resistance
Resistance levels: 3270, 3540, 3750
Support levels: 3125, 2812, 2500​

ethusd_technical analysis.png
 

SOLIDECN

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Key Releases​



United States of America​

The US currency is strengthening against the yen today and has ambiguous dynamics paired with the euro and the pound.

Investors are waiting for today's speech by the head of the US Fed Jerome Powell in front of the Committee on Banking, Housing and Urban Affairs of the US Senate. It is expected that before approving his candidacy for the post of head of the US regulator for a new four-year term, Powell will answer questions from Senators who will be interested in the measures taken by the US Fed to combat high inflation. Thus, Powell can clarify the further steps of the regulator in the field of monetary policy. Currently, it is believed that the beginning of the rate hike may begin as early as March, and not in the summer or at the end of the year, as previously thought. Moreover, Goldman Sachs experts expect four increases at once during the year. In general, Powell's comments can cause a significant market movement.

Eurozone​

The European currency is strengthening against the yen today and has ambiguous dynamics paired with the USD and the pound.

In the absence of significant economic releases, the attention of European investors is focused on the comments of representatives of the European Central Bank regarding the high inflationary pressure on the European economy. It should be recalled that in December, the consumer price index in the eurozone countries increased by a record 5.0%. Today, the head of the regulator, Christine Lagarde, said that she understands the concerns of citizens about high prices, and confirmed that they can trust the ECB in solving this problem. According to her, the bank stands for price stability, which is crucial for fixing inflation expectations and confidence in the currency. ECB Chief Economist Philip Lane said the ECB still does not expect inflation to exceed the 2.0% target in the medium term. The new governor of the German Bundesbank, Joachim Nagel, noted that the price increase may continue longer than expected. In general, European officials have not yet specified new ways to combat inflationary pressure.

United Kingdom​

The British currency is strengthening against the yen today and has ambiguous dynamics paired with the USD and the euro.

December retail sales data from the British Retail Consortium (BRC) was published today. On an annualized basis, sales increased by 0.6%, which is better than market expectations (0.3%), but worse than the November growth of 1.8%. In general, BRC specialists are skeptical. They believe that retail trade will face significant pressure this year, as consumer spending will be restrained by rising inflation, an increase in energy bills and a tax increase coming in April. It should be noted that the British government is trying to mitigate inflationary pressure on the economy. Thus, The Times newspaper reported that the Ministry of Finance of the United Kingdom is considering the possibility of reducing the "green levy", which is levied on electricity consumption, in order to slow down the increase in prices in the energy market.

Japan​

The Japanese currency is weakening today against its main competitors - the pound, the USD and the euro.

The focus of investors' attention remains the epidemiological situation in the country, which continues to be difficult. Prime Minister Fumio Kishida said today that the government will maintain the current strict restrictions on entry into the country until the end of February, although a number of exceptions may be made for humanitarian reasons. Currently, Japan has one of the strictest border regimes in the world, which prohibits residents from entering the country without Japanese citizenship, including foreign members of Japanese families and people permanently living in Japan. It is believed that this measure slows down the spread of the COVID-19 Omicron strain in the country. It also should be noted that according to the quarterly survey of the Bank of Japan, inflation expectations of Japanese households have risen to a two-year high. 78.8% of respondents expect prices to rise during the year, which gives investors hope that the Japanese regulator will still be able to push the inflation rate to the target level of 2.0%.

Australia​

The Australian currency is weakening against the euro, the pound and the USD today, but is strengthening against the yen.

Australian economic data released today turned out to be controversial. Retail sales in November accelerated growth from 4.9% to 7.3%, which is higher than the 3.9% expected by investors. However, the positive effect of these data was offset by weak trade statistics. The volume of exports of Australian goods in November increased by 2.0%, and imports into the country increased by 6.0%, which led to a reduction in the trade surplus from 10.781 to 9.423B Australian dollars.

Oil
Oil quotes are trying to grow today.

Prices are rising due to the increasing optimism of investors. Market participants believe that the growth in oil demand will be maintained, since the governments of the leading consumer states are abandoning overly strict quarantine measures to curb the coronavirus pandemic caused by the Omicron strain. In addition, prices are supported by the slow increase in oil production by OPEC+ countries, which have not yet chosen their quotas, and interruptions in the supply of "black gold" from Libya. During the day, investors are waiting for the publication of a weekly report on the amount of oil reserves in the USA from API. Last time, the figure fell by 6,432M barrels. The continuation of the trend may give additional support to oil quotes.​
 

SOLIDECN

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USD/JPY​

the market is waiting for the US inflation data​


Current trend
The US dollar is showing weak gains against the Japanese yen in Asian trading, trying to recover from a noticeable correction late last week.

The instrument is testing 115.35 for a breakout; however, market activity remains subdued as investors await the publication of the updated US inflation statistics for December today. According to forecasts, the annual rate of growth in consumer prices could reach 7%, which will be an absolute record in the last 40 years. In turn, the US Fed is ready to raise interest rates, and the first adjustment in the coming year may take place already at the March meeting. The Fed's Chair Jerome Powell, speaking at the US Congress the day before, confirmed the regulator's readiness to prevent further entrenchment of inflation, which until recently was called a "temporary phenomenon".

Statistics from Japan released today has an ambiguous impact on the dynamics of the instrument. The Eco Watchers Survey on Current Situation in December rose slightly from 56.3 to 56.4 points, but the Survey on the Economic Outlook for the same period fell sharply from 53.4 to 49.4 points.

Support and resistance
In the D1 chart, Bollinger Bands are reversing horizontally. The price range is narrowing, pointing at the multidirectional nature of trading in the short term. MACD is going down, keeping a fairly stable sell signal (located below the signal line). Stochastic keeps a confident downward direction but is rapidly approaching its lows, which indicates the oversold USD in the ultra-short term.

Resistance levels: 115.50, 116.00, 116.50, 117.00.
Support levels: 115.00, 114.50, 114.00, 113.50.​

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SOLIDECN

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Nov 16, 2021
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AUDUSD Elliot Wave Analysis​



The pair may fall.
On the daily chart, the first wave of the higher level (1) of C developed, and a downward correction forms as the wave (2) of C. Now, wave C of (2) is developing, within which the first wave of the lower level i of C has formed, a local correction has ended as the wave ii of C, and the development of the third wave iii of C has started. If the assumption is correct, the pair will fall to the levels of 0.6742–0.6446. In this scenario, critical stop loss level is 0.7277.​

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SOLIDECN

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Nov 16, 2021
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Key Releases​


United States of America​

USD strengthens against JPY, has ambiguous dynamics against EUR, and is weakening against GBP.

Investors continue to discuss yesterday's comments by the head of the US Federal Reserve, Jerome Powell, before the Senate Committee on Banking, Housing, and Urban Affairs. In general, he did not say anything fundamentally new to the market and limited himself to confirming the regulator's plans, which had already been outlined earlier. Powell said that if the current economic situation persisted, the department would begin to normalize monetary policy. In March, the purchase of assets will be stopped, then an increase in rates and a reduction in the balance sheet will begin. The official also noted that the US economy no longer needs the support measures provided to it in connection with the pandemic, and therefore tightening of monetary policy is inevitable. However, there is still a long way before its final normalization. The December data on inflation in the country were published today, which recorded a further increase in the indicator. The CPI rose from 6.8% to 7.0% YoY, confirming experts' calculations, and the core CPI increased from 4.9% to 5.5% instead of the expected 5.4%. A further rise in prices strengthens investors' confidence that the US Federal Reserve will not back down from tightening monetary policy.​

Eurozone​

EUR is weakening against GBP and has ambiguous performance against JPY and USD.

Published today, November data on the volume of industrial production in the Eurozone countries were ambiguous. Production rose by 2.3% MoM, beating the 0.5% expected but declined by 1.5% YoY instead of the expected 0.6% increase. The German wholesale price index data for December recorded a slowdown in the growth. The indicator decreased from 1.3% to 0.2% MoM and from 16.6% to 16.1% YoY. Nevertheless, inflationary pressures in the German and generally European economies remain high. Today, the German Trade Association (BGA) warned of the possibility of new massive supply chain disruptions due to the rapid spread of the omicron coronavirus variant, but a long-term supply chain collapse is considered unlikely.​

United Kingdom​

GBP is strengthening against its main competitors – JPY, EUR, and USD.

Due to a lack of significant economic news, politics has become the focus of investors' attention. Today, British Prime Minister Boris Johnson officially admitted that he had attended a party with the participation of members of the government in May 2020 and thereby violated the quarantine rules in force at the time. Johnson apologized to the citizens and noted that he considered the event a working meeting, which required his presence. Labor Party members will accuse Johnson of cheating, and many experts believe the scandal could cost him his prime minister seat. Dissatisfaction with Johnson has been brewing for a long time, including among conservatives. He is accused of the inability to maximize the benefits of Brexit, unreasonable tax hikes, and insufficient activity in leveling economic conditions between different parts of the country. If Boris Johnson resigns, the UK will face a period of political uncertainty, which could negatively affect the position of GBP.​

Japan​

JPY is weakening against its main competitors – GBP, USD, and EUR.

Investors are focused on today's Bank of Japan's quarterly report on the regional economy. For the first time since October 2013, the regulator revised the estimates for all regions upward compared to the previous October economic report. The document says the impact of the coronavirus pandemic is waning, and Japan's economy continues to grow, especially in the private sector. However, the risks associated with the Omicron strain remain. Officials admitted that some regions remain in dire straits, but the overall economy is gradually recovering in all country regions. The Bank of Japan's optimistic assessment of the state of the economy increases the likelihood that the regulator will revise its forecasts for GDP growth and inflation for the current year upward.​

Australia​

AUD is strengthening against its main competitors – EUR, JPY, GBP, and USD.

AUD is growing despite the worsening epidemiological situation in the country. The daily number of sick citizens remains at record levels, putting serious pressure on the health care system, but the government is not introducing additional quarantine measures. The continued deterioration of the situation may negatively affect the Australian economy as a whole and, above all, slow down the service sector's recovery. The virus is currently scaring away customers of the airlines, entertainment, and hospitality sectors, which have already suffered from several blockages in the past two years.​

Oil​

Oil quotes continue to rise.

The API report published yesterday recorded a decline in US oil reserves by 1.077M barrels, slightly less than the expected volume of 1.950M barrels. Nevertheless, the decline has been going on for seven weeks in a row, which speaks of the sustainability of demand for "black gold" despite the Omicron pandemic. Investors are awaiting the release of a similar report from the EIA today. Oil reserves are expected to decline by 1.904M barrels. Implementation of the forecast may support the oil market.​
 

SOLIDECN

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Nov 16, 2021
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USDCAD Wave Analysis​


The pair is in a correction and may grow.

On the daily chart, a downward correction developed as the wave of the higher level 4, and the development of the fifth wave 5 started, within which the wave (1) of 5 forms. Now, the third wave of the lower level 3 of (1) is developing, within which the wave i of 3 has formed, and a local correction is ending as the wave ii of 3. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 1.3200–1.3410. In this scenario, critical stop loss level is 1.2285.​

usdcad_wave analysis_1.pngusdcad_wave analysis_2.png
 

SOLIDECN

Trader
Nov 16, 2021
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USDCHF Wave Analysis​



The pair may fall.

On the daily chart, the first downward wave of the higher level (1) of 3 formed, and an upward correction developed as the second wave (2) of 3, within which the wave C of (2) formed. Now, the development of the third wave (3) of 3 has started, within which the first wave of the lower level i of 1 of (3) is forming. If the assumption is correct, the pair will fall to the levels of 0.8921–0.8758. In this scenario, critical stop loss level is 0.9277.​

usdchf_wave analysis_1.pngusdchf_wave analysis_2.png
 

SOLIDECN

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Nov 16, 2021
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Boeing Co​

Wave Analysis​

The price may grow.
On the daily chart, the first wave of the higher level (1) of C formed, and a local correction developed as the second wave (2) of C, which took a shape of an irregular flat. Now, the wave C of (2) has formed, and the development of the third wave (3) of C has started. If the assumption is correct, the price will grow to the levels of 255.00–278.82. In this scenario, critical stop loss level is 183.77.​
 

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SOLIDECN

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American Express Co, Elliot Wave Analysis​


The price may grow.​

On the daily chart, the fifth wave of the higher level (5) develops, within which the wave 3 of (5) forms. Now, the third wave of the lower level iii of 3 has formed, a local correction has developed as the fourth wave iv of 3, and the fifth wave v of 3 is forming, within which the wave (iii) of v is developing. If the assumption is correct, the price will grow to the levels of 200.00–210.00. In this scenario, critical stop loss level is 153.31.​
 

Attachments

SOLIDECN

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USD/JPY: US inflation reached a 40-year high​

Current trend​

The Japanese currency continues to trade in a stable sideways trend amid positive macroeconomic statistics. At the moment, USD/JPY is showing a downtrend, trading around 114.56.

During the period from November to December last year, Japan significantly improved its trade balance. The seasonally adjusted export-import ratio rose to 1.37T yen from 1.03T previously, suggesting a recovery in exports, which fell significantly in the fall quarter. Eco Watchers' Current Situation Index continues to be in positive area, reaching 56.4 points in December, up from 56.3 points in November.

In turn, the American currency has left the limits of a long narrow range and dropped below 95.000 in the USD Index after the release of yesterday's inflation report. The US Consumer Price Index in annual terms reached 7.0%, which coincided with the forecasts of most experts and has not been observed in the American economy for almost 40 years. Among the main reasons for the record growth in the indicator, analysts highlight the rise in the cost of housing and a significant rise in the price of cars. However, the most negative was caused by the comments of the representatives of the US Fed. The regulator recognized inflation as a serious long-term problem that will threaten the stability of the national economy and currency in the near future. Thus, the officials of the department have abandoned their previous statements that the rise in prices is a temporary phenomenon.

Support and resistance​

USD/JPY is correcting within the global Expanding Formation pattern. Technical indicators are ready to reverse and give a signal for the start of sales: the fluctuation range of the Alligator indicator EMAs is narrowing and the histogram of the AO oscillator is forming new descending bars and approaching the transition level.

Support levels: 114.10, 112.00.
Resistance levels: 115.40, 116.30.​

usdjpy analysis.png
 

SOLIDECN

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Nov 16, 2021
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Brent Oil, Elliot Wave Analysis by Solid ECN​

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

On the daily chart, the upward wave C forms, within which the first wave 1 of (1) of C developed. Now, a downward correction is forming as the second wave 2 of (1) of C, within which the wave of the lower level a of 2 has formed, and the wave b of 2 is ending. If the assumption is correct, after the end of the correction, the price will fall to the levels of 66.31–58.99. In this scenario, critical stop loss level is 86.68.​

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SOLIDECN

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Nov 16, 2021
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AUDUSD Technical Analysis by Solid ECN Securities​



The instrument is correcting at the end of the week​


Current trend​

The Australian dollar shows mixed trading dynamics against the US dollar during the Asian session, correcting after strong growth at the beginning of the week, which led to the renewal of local highs from November 16. The pressure on AUD/USD is exerted by technical factors, as well as by the oversold US currency in almost the entire spectrum of the market.

In turn, the instrument is supported by optimistic data from Australia and China. Home Loans in Australia increased by 7.6% in November after falling by 4.1% in October. Analysts expected zero dynamics. The Investment Lending for Homes over the same period also increased from 1.1% to 3.8%. Data from China showed stronger export growth in December: 20.9% against the expected 20.0%. Together with a slowdown in import dynamics from 31.7% to 19.5%, this led to a significant increase in the trade balance in December from 71.72B to 94.46B dollars.

Support and resistance​

Bollinger Bands in D1 chart show moderate growth. The price range expands from above, freeing a path to new local highs for the "bulls". MACD indicator is growing, while preserving a rather stable buy signal (located above the signal line). Stochastic keeps its upward direction but is approaching its highs rapidly, which reflects risks of the overbought instrument in the ultra-short term.

Resistance levels: 0.7300, 0.7328, 0.7369, 0.7408.
Support levels: 0.7250, 0.7200, 0.7160, 0.7128.

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SOLIDECN

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Nov 16, 2021
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Cryptocurrency Market Review​



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This week, the cryptocurrency market attempted to grow. As a result, the leading assets strengthened their positions. Currently, BTC is trading around 42800.00 (+1.2%), ETH is at 3300.00 (+3.5%). The BNB token returned to third place and is moving around 485.00 (+10.2%). USDT is at 1.0004 (+0.02%) and SOL is around 148.00 (+4.5%). The total market capitalization reached 2.051T dollars by the end of the week. The share of BTC has decreased to 39.55%.

The upward movement of the market is likely to be speculative since there are no obvious fundamental growth factors. Support for digital currencies and other alternative assets was provided by the general weakening of the US dollar associated with high inflation in the United States and investors' doubts about the ability of the US Federal Reserve to limit it this year.

Traders are focused on the comments of US officials. In an interview with CNBC, the head of the US Securities and Exchange Commission (SEC), Gary Gensler, evaded the question of whether ETH is security, saying that the commission did not give public legal advice. However, Gensler noted that companies that collected money from citizens and promised them profits could fall under securities laws. He also confirmed the need to create legal mechanisms that allow investors to receive all the necessary information from cryptocurrency companies before investing. The SEC continues the lawsuit with Ripple, proving that the XRP token was a security, and the company's management violated relevant US law when creating it. Ripple lawyers are trying to get an explanation from the regulator about why it considers XRP security, while several other currencies, in particular ETH, do not, hinting at the agency's bias. In this context, Gensler's refusal to comment on the status of ETH may indicate the weakness of the regulator's position and the prospects for Ripple to win the lawsuit. On Tuesday, at a Senate hearing, US Federal Reserve Chairman Jerome Powell promised to submit a report on studying the prospects for a national digital currency (CBDC) soon, which will be an important step towards creating a digital dollar. Powell also said that CBDC would not force private stablecoins out of the market, and they would be able to coexist.

From the news of the financial industry, it is worth noting the possibility of launching the payment company PayPal Holdings Inc.'s stablecoin backed by the US dollar, according to Bloomberg sources. Employees of the corporation note that the new currency should ensure the expansion of payments and customers' security. The product is currently under development and is awaiting approval from US regulators. Meanwhile, payment giant Visa Inc. in collaboration with ConsenSys, develops a technical solution for using state digital currencies in everyday payments. The corporation's management said that the company has already held consultations with the central tanks of several countries. The implementation of the new solution will allow customers to make any payments using CBDC at all points that accept Visa cards. Corporation employees surveyed small businesses in nine countries and found that 24% of them are ready to accept payments in the digital currency this year. Not surprisingly, the public's continued adoption of crypto assets is pushing Visa Inc. and other major financial companies to expand their cryptocurrency services. Finally, this week, it became known that Tesla Inc. is preparing to sell some of its products for DOGE and SHIB tokens. Currently, payment technologies are being tested, but the purchase itself is not yet available. Given the constant support of the head of the corporation Elon Musk of digital assets, especially DOGE, it can be assumed that payments in cryptocurrencies will be accepted soon.

Next week, quotes of most cryptocurrencies may consolidate or resume their decline.
 

SOLIDECN

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Nov 16, 2021
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USD/CHF, Fibonacci analysis by Solid ECN Securities​



USD/CHF, D1​

On the daily chart, the price reached 0.9260 (retracement of 61.8%), but then sharply corrected down and is now trying to gain a foothold below the level of 0.9110 (retracement of 0.0%). If successful, the decline will continue to the area of 0.9020 (expansion of 100.0%). In case of a breakout of 0.9166 (retracement of 23.6%, the middle line of the Bollinger Bands), the price will be able to return to 0.9230 (retracement of 50.0%) or 0.9260 (retracement of 61.8%). Technical indicators point out a continuation of the decline: the Bollinger Bands and Stochastic are directed downwards, and the MACD histogram increases in the negative zone.

usdchf_d1.png

USD/CHF, W1​

On the weekly chart, the price continues to decline along the 38.2% descending fan line. Currently, the quotes are trying to gain a foothold below the 0.9150 mark (retracement of 23.6%), but so far without success. If successful, the decline will continue to the levels of 0.8950 (near the June lows) and 0.8825 (retracement of 0.0%). In case of a breakout of 0.9190 (the middle line of the Bollinger Bands), the growth will be able to continue to 0.9350 (retracement of 38.2%). Technical indicators do not give a single signal: the Bollinger Bands are horizontal, the Stochastic is directed down, but approaches the oversold zone, which does not exclude a reversal, and the MACD histogram decreases in the positive zone.

usdchf_w1.png

Support and resistance​

Generally, the continuation of the price decline seems more likely. Its targets may be 0.9020 (expansion of 100.0%, D1) and 0.8950 (the area of June lows). In case of a breakout of 0.9190 (the middle line of the Bollinger Bands, W1), it will be possible to start growth towards 0.9260 (retracement of 61.8%, D1) and 0.9350 (retracement of 38.2%, W1).

Resistance levels: 0.9190, 0.9260, 0.9350.
Support levels: 0.9020, 0.8950, 0.8825.​
 

SOLIDECN

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Nov 16, 2021
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CAC40 Technical Analysis by Solid ECN​


Current trend​

The CAC 40 index is correcting down ahead of the start of the annual reports of companies, being at around 7133.0.

The main wave of publication of financial results will start next week. Tech stocks have been leading throughout the week due to a correction in the bond market. Among the growth leaders are the shares of software maker Sopra Steria Group SA, whose annual profit forecast was significantly raised, exceeding 5B euros. Now the company's shares are growing by 5.67% and, apparently, the positive dynamics may continue.

The main support for technology companies comes from the bond market, which continues a serious downward correction. At the beginning of this week, 10-year bonds traded at a yield of 0.298%, and now the figure has fallen to 0.229%. However, the most significant downtrend is shown by 8-year bonds of France, the yield on which only yesterday fell by 42.86%, and now has returned to the negative zone again at the level of -0.030%.​
  • The growth leaders in the index are Renault SA (+4.58%), Stellantis NV (+3.45%), STMicroelectronics NV (+3.09%), BNP Paribas SA (+2.50%).​
  • Among the leaders of the decline are Kering SA (-3.61%), Hermes International (-3.17%), L’Oreal SA (-2.81%), Teleperformance SE (-2.67%).​

Support and resistance​

The quotes of the asset are traded within the global ascending channel, having reversed downwards. Technical indicators maintain a weakening buy signal: the range of the Alligator indicator EMAs fluctuations began to narrow down and the histogram of the AO oscillator forms descending bars, being above the transition level.

Support levels: 7074.0, 6720.0.
Resistance levels: 7238.0, 7450.0.​

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SOLIDECN

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Nov 16, 2021
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WTI Crude Oil, Elliot Wave Analysis​

The price may grow​


On the daily chart, the upward wave C forms, within which the first wave 1 of (1) of C develops. Now, the fifth wave of the lower level v of 1 of (1) is developing, within which the wave (iii) of 1 is forming. If the assumption is correct, the price will grow to the levels of 93.00–100.00. In this scenario, critical stop loss level is 65.93.​

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SOLIDECN

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Nov 16, 2021
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USD/CHF, the US currency is recovering​



Current trend
The US dollar shows strong growth against the Swiss franc during the Asian session, building on the "bullish" momentum that was formed at the end of last week, when the pair consolidated near the local lows of November 2, 2021. At the moment, the development of the uptrend is mainly supported by technical factors, while the block of data from the US released on January 14 turned out to be frankly weak.

In particular, investors were disappointed by the sharp drop in Retail Sales in December by 1.9% after rising by 0.2% in November. The Retail Sales Control Group fell to a record 3.1% over the same period after falling 0.5% in November. Michigan Consumer Sentiment Index in January fell from 70.6 to 68.8 points, while analysts had expected a decline to only 70 points.

Markets in the US are closed today to celebrate Martin Luther King, Jr. Day, so trading activity is likely to be somewhat reduced.

Support and resistance
Bollinger Bands in D1 chart demonstrate flat dynamics. The price range is changing slightly, but remains rather spacious for the current level of activity in the market. MACD is going down preserving a previous sell signal (located below the signal line). Stochastic, which has reached its lows, is trying to reverse upward, signaling in favor of the development of corrective growth in the nearest time intervals.

Resistance levels: 0.9157, 0.9175, 0.9200, 0.9220.
Support levels: 0.9125, 0.9100, 0.9073, 0.9036.​
 

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