Video | Market Technical | Solid ECN

SOLIDECN

Master Trader
Nov 16, 2021
3,257
22
54
39

Gold price tests the moving average​

Gold price provided negative trades yesterday to start testing the EMA50 that forms minor support now at 1780, and the price needs to break this level to rally towards our waited negative target at 1764.4, noting that there are potential chances to provide additional negative trades, as we witness signs of double top pattern that might push the price to surpass the targeted level and head towards 1736.15 as a next negative target.

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Therefore, we will continue to suggest the bearish trend for the upcoming period unless breaching 1795 and holding above it. The expected trading range for today is between 1760 support and 1795 resistance, and the expected trend for today is Bearish.​
 

SOLIDECN

Master Trader
Nov 16, 2021
3,257
22
54
39

USDCHF - Quotes are holding in a downtrend​

The Swiss State Secretariat for Economic Affairs (SECO) is to release its traditional economic forecasts today. Still, investors expect them to be neutral, with third-quarter data showing a rise of 0.2% after rising by 0.1% earlier, indicating restrained dynamics, unable to influence the national currency. First, the gross domestic product (GDP) increase is curtailed by a record drop in consumer sentiment below –47.0 points for the first time since 1972. According to the latest poll, citizens do not expect improvements anytime soon and are reluctant to make large purchases amid unprecedented inflation and an uncertain outlook.

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On the daily chart of the asset, the trading instrument continues its global decline, completing the formation of the local Triangle pattern. Technical indicators maintain a stable sell signal.

Resistance levels: 0.9410, 0.9550 | Support levels: 0.9310, 0.9150​
 

SOLIDECN

Master Trader
Nov 16, 2021
3,257
22
54
39

Gold price resumes the bullish trend​

Gold price ended yesterday above 1810 level, to open the way to achieve more gains in the upcoming sessions, as it resumes the main bullish trend within the bullish channel that has positive targets that start at 1838.1 and extend to 1900. Therefore, we expect to witness more rise on the intraday and short term basis, noting that breaking 1810 will stop the positive scenario and press on the price to test the bullish channel’s support line around 1784.50 before any new attempt to rise.

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The expected trading range for today is between 1795 support and 1835 resistance.​
 

SOLIDECN

Master Trader
Nov 16, 2021
3,257
22
54
39

EURUSD - EU authorities failed to agree on the limit for Russian gas price​

Yesterday, the energy ministers of the EU countries could not agree on the maximum price for gas purchased from the Russian Federation, and consultations on this issue were postponed until next week. The European Commission has proposed a third, lower gas price cap of 2.360K dollars per 1.0K cubic meters for deliveries next month at the current price of 1.500K dollars. Still, according to Hungarian Foreign Minister Péter Szijjártó, after a long debate at the plenary meeting, no agreements were reached so that the discussion would continue in the framework of bilateral negotiations.

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On the daily chart, the trading instrument continues corrective growth, confidently holding above the resistance line of the local ascending corridor, and the technical indicators maintain a stable buy signal.

Resistance levels: 1.067, 1.085 | Support levels: 1.053, 1.032​
 

SOLIDECN

Master Trader
Nov 16, 2021
3,257
22
54
39

USDCAD completes negative pattern​

The USDCAD pair traded with strong negativity yesterday to break 1.3570 and complete forming double top pattern that its signs appear on the chart, reinforcing the expectations of continuing the bearish trend that its targets begin at 1.3500 and extend to 1.3445 after surpassing the previous level. Therefore, we will continue to suggest the bearish trend for the upcoming period, noting that breaching 1.3570 might push the price to achieve intraday gains and test 1.3680 areas again before any new attempt to decline.

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The expected trading range for today is between 1.3480 support and 1.3630 resistance.​
 

SOLIDECN

Master Trader
Nov 16, 2021
3,257
22
54
39

EURUSD continues to achieve gains​

The EURUSD pair provided more bullish bias to approach 1.0700 barrier, waiting for more rise to test 1.0745 level that represents our next main target, organized inside the bullish channel that supports the chances of surpassing the mentioned level and achieve more gains on the intraday and short term basis. Therefore, we will continue to suggest the bullish trend for the upcoming period supported by the EMA50, noting that breaking 1.0595 might press on the price to test the key support 1.0515 before any new attempt to rise.

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The expected trading range for today is between 1.0590 support and 1.0750 resistance.​
 

SOLIDECN

Master Trader
Nov 16, 2021
3,257
22
54
39

GBPUSD Awaits more Rise​

The GBPUSD pair fluctuates with slight negativity now, affected by stochastic negativity, while the EMA50 continues to support the bullish wave, organized inside the bullish channels that appear on the chart, waiting to resume the bullish bias to visit 1.2550 as a next target. Therefore, we should note that breaking 1.2325 will stop the positive scenario and press on the price to start intraday bearish correction.

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The expected trading range for today is between 1.2300 support and 1.2490 resistance.​
 

SOLIDECN

Master Trader
Nov 16, 2021
3,257
22
54
39

USDJPY Loses Momentum​

The USDJPY pair shows some slight bullish bias to fluctuate around 135.50 level, noticing that stochastic loses its positive momentum clearly, waiting to motivate the price to resume the expected bearish trend for the upcoming period, which its next targets located at 134.25 followed by 133. The EMA50 supports the expected decline, reminding you that it is important to hold below 136.50 to achieve the suggested targets.

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The expected trading range for today is between 134.50 support and 136.30 resistance.​
 

SOLIDECN

Master Trader
Nov 16, 2021
3,257
22
54
39

AUDUSD - Australian labor market continues to recover​

The overall unemployment rate in Australia remained at 3.4%, while employment increased by 64.0K jobs after rising by 43.1K a month earlier, and total employment reached 13.752M people. Seasonally adjusted, the share of the economically active population increased to 66.8% from 66.5% a month earlier, and the ratio of employed to the country's total population increased to 64.5%. The unemployed increased by only 200 people, while the youth unemployment rate fell to 7.7%.

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On the daily chart of the asset, the trading instrument is moving in an ascending channel and, after reaching the resistance line, is preparing to break it. Technical indicators maintain a strengthening buy signal.

Resistance levels: 0.6895, 0.7068 | Support levels: 0.6745, 0.6586​
 

SOLIDECN

Master Trader
Nov 16, 2021
3,257
22
54
39
USDCAD - Growth within the local ascending corridor

The quotations were practically not affected by the report of Statistics Canada: in October, the volume of production grew by 2.8% to 72.6B Canadian dollars, and the oil industry (12.7%) and the food industry (2.9%) stand out among the leaders of the sector and the chemical industry (4.9%), while in the automotive industry (–3.2%) and mechanical engineering (–1.7%), a negative trend is observed. According to experts, growth in these sectors should not be expected soon, as there is a serious shortage of materials and microchips, which also reduced production and decreased exports of cars and spare parts by 1.8%.

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On the daily chart of the asset, the trading instrument moves within the local ascending corridor. Technical indicators signal further growth.

Resistance levels: 1.37, 1.39 | Support levels: 1.354, 1.338​
 

SOLIDECN

Master Trader
Nov 16, 2021
3,257
22
54
39

EURUSD under the negative pressure​

The EURUSD pair traded negatively in the previous sessions to break the bullish channel’s support line and settles below it, but we notice that the EMA50 forms good support to protect the price from suffering more losses, accompanied by witnessing positive signals through stochastic, which supports the chances of regaining the bullish trend again. Therefore, we believe that the chances valid to trade positively today, and the targets begin by surpassing 1.0650 to ease the mission of heading towards 1.0745, noting that breaking 1.0580 will stop the expected rise and press on the price to test 1.0515 direct.

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The expected trading range for today is between 1.0540 support and 1.0710 resistance.​
 

SOLIDECN

Master Trader
Nov 16, 2021
3,257
22
54
39
GBPUSD Technical Analysis

The GBPUSD pair shows calm positive trades to test the EMA50, waiting for more rise to surpass 1.2235 followed by rallying towards our positive targets that start at 1.2330 followed by 1.2445, reminding you that the continuation of the bullish wave requires holding above 1.2135.

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The expected trading range for today is between 1.2100 support and 1.2280 resistance.​
 

SOLIDECN

Master Trader
Nov 16, 2021
3,257
22
54
39
USDJPY resumes the decline

The USDJPY pair provided clear negative trades in the previous sessions, and begins today with additional decline to attack 136.00 barrier, reinforcing the expectations of continuing the bearish trend in the upcoming sessions, which its next main target located at 134.25. Moving below the EMA50 supports the expected decline, while breaching 136.60 might push the price to attempt to recover and achieve gains that target testing 137.95 areas before any new attempt to decline.

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The expected trading range for today is between 135.30 support and 137.00 resistance.
 

SOLIDECN

Master Trader
Nov 16, 2021
3,257
22
54
39
NZDUSD - economic activity slows down in New Zealand

In recent weeks, macroeconomic data from New Zealand suggest a significant slowdown in economic activity, with Westpac's Q4 domestic consumer sentiment index at 75.6 points, down from Q3 87.6. Business confidence from Australia and New Zealand banking group ANZ fell in December to –70.2 points from –57.1 points a month earlier, which was the lowest on record since 1998, while the business activity indicator from the National Bank of New Zealand (NBNZ) accelerated the fall to –25.6% from –13.7% before.

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The trading instrument is moving within a corrective uptrend with a local decline.

Resistance levels: 0.639, 0.651 | Support levels: 0.626, 0.613​
 

SOLIDECN

Master Trader
Nov 16, 2021
3,257
22
54
39
EURUSD - Low gas price in the EU supports the euro

Thus, according to data from the TTF exchange, the price for gas contracts with delivery in February is now 1120.0 dollars per 1.0K cubic meters, which was last observed in June, when the Nord Stream gas pipeline maintained maximum pumping levels. The current low quotations provide an opportunity for countries in the region to conclude long-term deals for supplies in the spring, as the storage facilities are almost full now. Meanwhile, in November, the German producer price index lost 3.9%, which led to a slowdown in growth to 28.2% YoY from 34.5% earlier.

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On the daily chart, the trading instrument continues its corrective growth and confidently holds in the local ascending corridor. Technical indicators point to continued growth.

Resistance levels: 1.0675, 1.09 | Support levels: 1.0525, 1.032​
 

SOLIDECN

Master Trader
Nov 16, 2021
3,257
22
54
39
USDJPY - Rhetoric of representatives of the Bank of Japan is a catalyst for the growth of the yen

Quotes of USD/JPY are correcting at 132.21. The yen added 4.2% in yesterday's trading, reacting to the results of the Bank of Japan meeting, at which the interest rate was kept at the same level of -0.10%, but the policy of controlling the yield curve of 10-year government bonds was adjusted: previously it was allowed to deviate by 25 basis points either way from the target level of 0.00%, and now changes by 50 basis points become possible.

In addition, the regulator announced a significant increase in the volume of purchases of government bonds in unlimited volumes, expanding the range of purchased instruments: in addition to traditional 10-year bonds, the Bank of Japan now intends to buy assets with more global maturities. Governor Haruhiko Kuroda said he sees the move as an opportunity to stave off the negative effects on the economy from high inflation caused by higher import prices due to the depreciation of the yen. Thus, the Bank of Japan expects that after the appreciation of the national currency, the inflationary impact will begin to decrease.

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On the daily chart of the asset, the USDJPY pair is trading in a local downtrend, reaching the support line near the low of August 2. Technical indicators still hold the sell signal, which has recently intensified.

Support levels: 131.5, 127.2 | Resistance levels: 133.5, 137​
 

SOLIDECN

Master Trader
Nov 16, 2021
3,257
22
54
39

EURUSD breaches the minor resistance​

The EURUSD pair begins today with new positivity to breach the resistance that appears on the chart and attempts to hold above it, reinforcing the expectations of continuing the bullish trend, opening the way to head towards our waited target at 1.0745. The EMA50 and stochastic provide positive signals that support the expected rise, which will remain valid conditioned by the price stability above 1.0580.

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The expected trading range for today is between 1.0570 support and 1.0745 resistance.​
 

SOLIDECN

Master Trader
Nov 16, 2021
3,257
22
54
39

NZDUSD Faces Solid Support​

The NZDUSD pair touched 0.6275 level and found solid support there, to show some bullish bias and retest the broken neckline of the head and shoulders’ pattern that appears on the chart, waiting to resume the negative trades to break the mentioned level and head towards 0.6130 as a next target. Therefore, the bearish trend scenario will remain valid for the upcoming period unless breaching 0.6385 and holding above it.

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The expected trading range for today is between 0.6250 support and 0.6365 resistance​
 

SOLIDECN

Master Trader
Nov 16, 2021
3,257
22
54
39

NZDUSD Faces Solid Support​

The NZDUSD pair touched 0.6275 level and found solid support there, to show some bullish bias and retest the broken neckline of the head and shoulders’ pattern that appears on the chart, waiting to resume the negative trades to break the mentioned level and head towards 0.6130 as a next target. Therefore, the bearish trend scenario will remain valid for the upcoming period unless breaching 0.6385 and holding above it.

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The expected trading range for today is between 0.6250 support and 0.6365 resistance​
 

SOLIDECN

Master Trader
Nov 16, 2021
3,257
22
54
39

GBPUSD Technical Analysis​

The GBPUSD pair tests 1.2135 level and still below it, and the contradiction between the technical indicators still valid, to continue with our neutrality until the price confirms its situation according to the mentioned level followed by detecting its next destination clearly.

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The expected trading range for today is between 1.2050 support and 1.2230 resistance.​