2023 Market Forecast by SolidECN

[SOLIDECN]

AUDUSD - Growth is possible.​

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

If the assumption is correct, the AUDUSD pair will grow to the area of 0.7200–0.7464. In this scenario, critical stop loss level is 0.6860.

 

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USDCAD Achieves Clear Gains​

The USDCAD pair rallied upwards yesterday to breach 1.2420 and touch the key resistance 1.3500, noticing that the price finds difficulty to surpass this level, accompanied by witnessing negative signals through stochastic, which supports the chances of bouncing bearishly to resume the bearish trend, which targets 1.3415 followed by 1.3350 levels as next negative stations.

Therefore, we expect to witness bearish bias in the upcoming sessions unless the price managed to breach 1.3500 and hold with a daily close above it. The expected trading range for today is between 1.3415 support and 1.3560 resistance.​

 

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USDCHF Achieves the Negative Targets​

The USDCHF pair succeeded to achieve our suggested negative targets, as it reached 0.9100 level, showing some temporary bullish bias affected by stochastic positivity, waiting to resume the main bearish trend that moves within the bearish channel that appears on the chart, to achieve negative targets that extend to 0.9020.

Therefore, the bearish trend scenario will remain valid unless the price rallied to breach 0.9215 followed by 0.9275 levels and hold above them. The expected trading range for today is between 0.9080 support and 0.9215 resistance.​

 

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USD Sees Little Reaction to Upbeat Claims and Philly Fed Data​

• The number of Americans filling for unemployment benefits was 0.190 million in the week ended January 14, compared to 0.205 million reported in the previous week. Today’s reading came in well below market expectations of 0.214 million.​
• Continuing claims reading, which lags initial jobless claims data by one week, rose to 1.647 million from 1,634 million, while analysts expected an increase to 1.660 million.​
• The Philadelphia Fed Manufacturing Indexincreased to -8.9 in January from -13.8 in December and below market expectations of -11.0.​
• Housing starts for December came in at 1382k, compared to market estimates of 1.359 million. Building permits at 1.33million, much lower than expected 1.37 million​

EURUSD is rather unimpressed by today's data. The pair continues to trade around 1.8000 level.​

 

[SOLIDECN]

USDCAD - macroeconomic statistics did not support the position of the Canadian currency

The industrial goods price index lost 1.1% in December, exceeding the previous month's –0.5% decline, with annual growth slowing to 7.6% from 9.4% earlier. The value for commodities declined 3.1% after the –0.8% correction in November and from 7.9% to 7.5% YoY. The main reason for the negative dynamics is the fall in oil prices on world exchanges, where quotes of the benchmark Brent Crude Oil fell to 86.00.

The US dollar fell below the key support level of 102.000 in the USD Index against the negative statistics from the housing market: the volume of construction of new houses in December amounted to 1.382M, which was lower than 1.401M earlier, and the number of building permits issued amounted to 1.330M compared to 1.351M in November. Investors ignored data on initial jobless claims, which fell to 190.0K from 205.0K in a week.

On the daily chart, the trading instrument is growing within the global Triangle pattern with dynamic boundaries 1.3620–1.3300 towards the resistance line, and the technical indicators maintain a sell signal and hint at a correction.

Resistance levels: 1.3523, 1.3697 | Support levels: 1.3409, 1.3224​

 

[SOLIDECN]

EURGBP Takes Advantage of the Additional Support Line Stability​

The EURGBP pair faced additional negative pressures to form strong negative waves and suffer some losses by crawling towards 0.8722, to face additional support and settle above it, noting that the main stability within the bullish channel that appears on the chart allows us to wait to gather the additional positive momentum to manage to form bullish waves and target 0.8820 followed by pressing on 0.8880 barrier in order to find a way to resume the bullish rally in the upcoming period.



The expected trading range for today is between 0.8740 and 0.8820.​

 

[SOLIDECN]

AUDUSD - The Australian labor market is stable

In December, unemployment in the country amounted to 3.5%, while the share of the economically active population remained at 66.7%. Total employment increased to 13.765M, and the employment-to-population ratio remained at 64.4%. The part-time employment rate reached 6.0%, and the hours worked increased to 1.890M. Thus, the employment sector remains stable, which could be the basis for an economic recovery in the new year.

On the daily chart, the trading instrument moves within a narrow ascending corridor with dynamic boundaries 0.715 – 0.67, gradually rising towards the resistance line, and the technical indicators strengthen the buy signal.

Resistance levels: 0.7020, 0.7136 | Support levels: 0.6895, 0.675​

 

[SOLIDECN]

EURUSD - Growth is possible.

On the daily chart, the downward wave of the higher level А ended, within which the fifth wave (5) of А formed, and the development of the upward wave B started. Now, the entry first wave 1 of (А) of B is developing, within which the third wave of the lower level iii of 1 has formed, a local correction has ended as the fourth wave iv of 1, and the fifth wave v of 1 is developing.

If the assumption is correct, the EURUSD pair will grow to the area of 1.1100 – 1.1300. In this scenario, critical stop loss level is 1.0755.

 

[SOLIDECN]

GBPUSD - Growth is possible.​

On the daily chart, the downward fifth wave of the higher level 5 of (V) ended, within which the wave (5) of 5 formed, and the development of the upward first wave (1) started. Now, the third wave of the lower level 3 of (1) is forming, within which the wave iii of 3 has ended, a correction has formed as the wave iv of 3, and the wave v of 3 is developing.

If the assumption is correct, the GBPUSD pair will grow to the area of 1.2900–1.3500. In this scenario, critical stop loss level is 1.1835.

 

[SOLIDECN]

EURJPY Keeps the Bearish Bias​

EURJPY pair provided negative close below the additional barrier 142 yesterday, to increase the chances of activating the negative attack again, while the current weak trades are caused by stochastic contradiction against the moving average 55 that provides negative signals by settling below the mentioned barrier.



These factors allow us to expect forming temporary sideways fluctuation until gathering the additional negative momentum to ease the mission of starting the negative attack and press on 140.25 level soon, while breaking it will confirm the continuation of the negativity by targeting 139.4 and 138.2 levels.​

 

[SOLIDECN]

Silver - The price is in a correction and may grow.​

On the daily chart, a downward correction of the higher level ended as the second wave (2), and the third wave (3) forms, within which the entry first wave of the lower level 1 of (3) develops. Now, the wave iii of 1 has formed, and a local correction is ending to develop as the wave iv of 1, within which the wave (c) of iv is developing.

If the assumption is correct, the XAGUSD pair will grow to the area of 26 – 27. In this scenario, critical stop loss level is 21.80.

 

[SOLIDECN]

USDCHF Negotiates the Resistance​

USDCHF pair provided new positive trades to test the bearish channel’s resistance, noticing that stochastic shows new negative signals now, waiting to motivate the price to resume the main bearish trend, which its targets begin at 0.9100 and extend to 0.9100.

We remind you that breaching 0.9230 will push the price to start bullish correction that its targets begin by testing 0.9335 areas. The expected trading range for today is between 0.9140 support and 0.9275 resistance.​

 

[SOLIDECN]

Soy Technical Analysis​

Bearish Scenario:
Soyabeans is trading in the upward channel, noting the AO indicator shows negative signals waiting to motivate the bears to confrim the break of the main bullish trend 1477.45 support (Fibo retracement 38.2) which extends to 1465.42 - 1456.05 (Fibo retracement 50).

Bullish Scenario:
We see a hammer candle in 12 hours chart which can indicate trend reversal. Breaching MA 50 would push the price to continue the bullish trend that its targets begin by testing 1511.8 - 1520.16.​

 

[SOLIDECN]

GBPJPY Provides Sideways Trades​

The GBPJPY pair continued to provide sideways trades to keep its stability within the bearish track that depends on the stability of the major resistance at 163.40, in addition to the continuous barrier formed at 162.10.

Note that stochastic reach to the overbought areas hint getting rid of the positive pressures, to increase the chances of gathering the required negative momentum to provide new negative trades and wait to reach 158.60 followed by 157.10 levels soon. The expected trading range for today is between 161.80 and 159.25.​

 

[SOLIDECN]

USDCHF Exits the Bearish Channel​

The USDCHF pair traded with strong positivity yesterday to breach the bearish channel’s resistance and settles above it, to head towards building expected correctional bullish wave in the upcoming sessions, targeting 0.9335 areas initially.

Therefore, the bullish bias will be suggested for today, taking into consideration that breaking 0.9195 will stop the expected rise and press on the price to resume the main bearish trend again. The expected trading range for today is between 0.9160 support and 0.9300 resistance.​

 

[SOLIDECN]

GBPCAD forms new bullish channel​

The GBPCAD pair formed minor bullish wave recently as appears on the chart, to support the chances of resuming the bullish attack, as the continuous stability of 1.6420 support line and stochastic attempt to provide the positive momentum allow us to expect targeting 1.6745 level soon, while surpassing it will increase the chances of providing strong pressures on 1.6930 barrier, to form the next main target for the bullish trades.



The expected trading range for today is between 1.6550 and 1.6745.​

 

[SOLIDECN]

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 forming, within which the first wave of the lower level i of 5 has formed, a local correction has ended as the wave ii of 5, and the wave iii of 5 is developing.

If the assumption is correct, the USDCAD pair will grow to the area of 1.3978 – 1.4500. In this scenario, critical stop loss level is 1.3315.

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[SOLIDECN]

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 wave of the lower level 1 of (3) is forming.

If the assumption is correct, the USDCHF pair will grow to the area of 0.9600–0.9900. In this scenario, critical stop loss level is 0.9081.

 

[SOLIDECN]

EURJPY settles below the moving average​

The EURJPY pair returned to provide some negative trades to settle below the moving average 55, to form additional barrier at 141.70 and support the domination of the previously suggested bearish bias. Also, stochastic attempt to exit the overbought areas will increase the negative pressures, providing chances to form strong negative trades, waiting to target 140.25 and 139.15 levels soon.



The expected trading range for today is between 142.00 and 140.25.​

 

[SOLIDECN]

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 1782.23.