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2023 Market Forecast by Solid ECN

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2023 Market Forecast by Solid ECN in Technical_lamp
EURUSD gets new positive signal

The EURUSD pair leaned on the EMA50 and begins to provide slight positive trades by today?s open, noticing that stochastic overlaps positively now, waiting to motivate the price to resume the expected bullish trend for the upcoming period, which its targets begin by testing 1.0745, noting that breaching this level will extend the bullish wave to reach 1.0840 areas.

2023 Market Forecast by Solid ECN in Technical_eurusd

Therefore, the bullish trend scenario will remain valid and active, noting that breaking 1.0640 might press on the price to provide intraday negative trades that target testing 1.0515 areas before any new attempt to rise.

The expected trading range for today is between 1.06 support and 1.0760 resistance.


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#1 - January 03, 2023, 06:34:11 AM

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2023 Market Forecast by Solid ECN in Technical_xx
USDJPY Resumes the Main Bearish Track

The USDJPY pair faced strong negative pressures in the previous sessions to return to the main bearish channel, and begins today with additional decline to break 130 barrier and open the way to continue the bearish bias on the intraday and short term basis, making the bearish trend dominant in the upcoming sessions, and we expect to target 128.90 followed by 127.85 levels as next main stations.

2023 Market Forecast by Solid ECN in Technical_usdjpy

The EMA50 supports the expected decline, which will remain valid unless breaching 130.55 and holding above it, as breaching this level might push the price to test 132.35 areas initially before any new negative attempt.

The expected trading range for today is between 128.60 support and 130.50 resistance
#2 - January 03, 2023, 08:29:26 AM

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2023 Market Forecast by Solid ECN in Technical_xx
GBPUSD Within Sideways Track

The GBPUSD pair fluctuates within sideways track recently as appears on the chart, and the EMA50 continues to press negatively on the price, to keep the correctional bearish trend active, waiting to visit 1.1950 mainly.

2023 Market Forecast by Solid ECN in Technical_gbpusd

On the other hand, we should note that breaching 1.2135 will stop the expected decline and lead the price to regain the main bullish trend again and head to achieve gains that start by visiting 1.2235 areas.

The expected trading range for today is between 1.1980 support and 1.2150 resistance.
#3 - January 03, 2023, 09:14:15 AM

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2023 Market Forecast by Solid ECN in Technical_xx
USDJPY Resumes the Main Bearish Track

The USDJPY pair faced strong negative pressures in the previous sessions to return to the main bearish channel, and begins today with additional decline to break 130.00 barrier and open the way to continue the bearish bias on the intraday and short term basis, making the bearish trend dominant in the upcoming sessions, and we expect to target 128.90 followed by 127.85 levels as next main stations.

2023 Market Forecast by Solid ECN in Technical_usdjpy

The EMA50 supports the expected decline, which will remain valid unless breaching 130.55 and holding above it, as breaching this level might push the price to test 132.35 areas initially before any new negative attempt.

The expected trading range for today is between 128.60 support and 130.50 resistance
#4 - January 03, 2023, 12:28:25 PM

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2023 Market Forecast by Solid ECN in Technical_xx
USDCAD Begins Negatively

The USDCAD pair found solid resistance around 1.3600, to rebound downwards strongly now, on its way to turn to decline and head to achieve negative targets that start by testing 1.3500 and extend to 1.3405 after breaking the previous level.

2023 Market Forecast by Solid ECN in Technical_usdcad

Therefore, we expect to witness more bearish bias today supported by the negative signals provide by stochastic, taking into consideration that breaching 1.3620 will stop the current negative pressure and push the price to 1.3680 initially.

The expected trading range for today is between 1.3460 support and 1.3600 resistance.
#5 - January 03, 2023, 04:03:37 PM

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2023 Market Forecast by Solid ECN in Technical_xx
Gold Technical Analysis

Gold price faces negative pressure now, to head towards potential test to the key support 1824.50, affected by stochastic negativity, while the EMA50 continues to provide the positive support to the price, to keep the bullish trend scenario valid conditioned by the price stability above the mentioned support and the most important above 1812.25, reminding you that our waited targets begin at 1850 and extend to 1900.

2023 Market Forecast by Solid ECN in Technical_gold

The expected trading range for today is between 1830 support and 1865 resistance.
#6 - January 03, 2023, 04:24:23 PM

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2023 Market Forecast by Solid ECN in Technical_xx
EURUSD - The possibility of growth remains.

On the daily chart, the downward wave of the higher level A has completed, in which the fifth wave (5) of A has appeared and the upward wave B is developing. At the moment, the construction of the first wave 1 of (A) of B continues, in which the third wave of the lower level iii of 1 has formed and the development of a local correction as the fourth wave iv of 1 is observed.

If the assumption is correct, the EURUSD pair will rise to the area of 1.1 ? 1.1196. The level of 1.0485 is critical and stop-loss for this scenario.

2023 Market Forecast by Solid ECN in Technical_eurusd
#7 - January 04, 2023, 07:13:58 AM

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GBPJPY Under the Negative Pressure

The GBPJPY pair ended yesterday by touching 155.35 level, to approach the previously waited target followed by bouncing temporarily towards 157, noting that the bearish track will remain valid depending on 158.70 level forming additional barrier, to expect gathering the additional negative momentum by reaching 155 level followed by attempting to press on the historical support at 154.55.

2023 Market Forecast by Solid ECN in Technical_gbpjpy

Any attempt to rally above the mentioned barrier might lead to postpone the negative attack and start the correctional bullish track again, to target 160 as a first correctional station. The expected trading range for today is between 157.6 and 154.6.
#8 - January 04, 2023, 07:55:58 AM

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2023 Market Forecast by Solid ECN in Technical_xx
USDCHF - The possibility of growth remains.

On the daily chart, the third wave of the higher level 3 is developing, in which the ascending first wave (1) of 3 appeared and the downward correction ended as the second wave (2) of 3. At the moment, wave C of (2) has ended and wave (3) of 3 is developing.

If the assumption is correct, the upward dynamics of the USDCHF pair will continue to the area of 0.9900 ? 1.0151. The level of 0.9195 is critical and stop-loss for this scenario.

2023 Market Forecast by Solid ECN in Technical_usdchf
#9 - January 04, 2023, 12:56:01 PM

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EURJPY Takes Breath

The EURJPY pair started to form intraday sideways trades by consolidating near 138.2 level, attempting to take a breath after suffering additional losses yesterday and touching 137.40 target.

2023 Market Forecast by Solid ECN in Technical_eurjpy

We remind you that forming continuous barrier at 138.8 and getting negative momentum by the major indicators will reinforce the domination of the bearish bias for the upcoming period, to keep waiting to resume the negative attack and attempt to reach 136.55 that forms the next target for the negative trades.

The expected trading range for today is between 138.80 and 137.
#10 - January 04, 2023, 02:31:06 PM

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ETHUSD - Technical analysis

This week, the price has attempted to grow and is currently actively testing the level of 1250 (Murray level [2/8]), consolidation above which will allow the cryptocurrency to return to the mark of 1325 and try to leave the long-term descending channel to rise to the area of 1500 (Murray level [4/8]). Otherwise, the downward dynamics will increase to the levels of 1090, 1000 (Murray level [0/8]) and 875 (Murray level [-1/8]).

2023 Market Forecast by Solid ECN in Technical_eth

Technical indicators allow for the resumption of a smooth decline: the Bollinger Bands are reversing downwards, the MACD histogram is stable in the negative zone, and the Stochastic is approaching the overbought zone, which can become a catalyst for the reversal of the trading instrument down.

Resistance levels: 1250, 1325, 1500 | Support levels: 1090, 1000, 875
#11 - January 04, 2023, 05:04:46 PM

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2023 Market Forecast by Solid ECN in Technical_xx
NZDUSD - The price is in a correction, a fall is possible.

On the daily chart, the upward wave of the higher level (А) formed, a downward correction ended as the wave (B), and the development of the wave (C) started. Now, the first entry wave of the lower level i of 1 of (C) has formed, and a local correction is developing as the second wave ii of 1 of (C), within which the wave (c) of ii is forming.

If the assumption is correct, the NZDUSD pair will fall to the area of 0.6008 ? 0.5890. In this scenario, critical stop loss level is 0.6383.

2023 Market Forecast by Solid ECN in Technical_nzdusd
#12 - January 05, 2023, 08:07:19 AM

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2023 Market Forecast by Solid ECN in Technical_xx
AUDUSD - Growth is possible.

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

If the assumption is correct, the AUDUSD pair will grow to the area of 0.7040?0.7142. In this scenario, critical stop loss level is 0.6681.

2023 Market Forecast by Solid ECN in Technical_audusd
#13 - January 05, 2023, 08:57:33 AM

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2023 Market Forecast by Solid ECN in Technical_xx
Gold Price Gathers Positive Momentum

Gold price continues to rise, organized inside new bullish channel that appears on the chart, noticing that stochastic gets rid of its negative momentum gradually, waiting to motivate the price to resume the bullish wave that its next target located at 1900. Therefore, our bullish overview will remain valid and active unless breaking 1820.50 and holding below it.

2023 Market Forecast by Solid ECN in Technical_gold

The expected trading range for today is between 1840 support and 1875 resistance.
#14 - January 05, 2023, 09:38:02 AM

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Chart of the day - US500

FOMC minutes released yesterday have been rather hawkish with the document noting that US central bankers do not expect rate cuts in 2023. It also noted that while progress has been made in bringing inflation back under control, more rate hikes are needed although a slower pace may be adequate. Release can be seen as hawkish but no major long-lasting market reaction occurred in the aftermath. This can be reasoned with the fact that FOMC minutes have only repeated what the market has already known and has already been pricing in.

2023 Market Forecast by Solid ECN in Technical_us500

Taking a look at US500 chart at H4 interval, we can see that the index has been struggling to launch a larger move in either direction as of late. US500 has been trading in a 3,800 - 3,920 pts range since mid-December, awaiting catalyst for the next bigger move. While today's ADP employment report at 1:15 pm GMT is unlikely to be such a catalyst, tomorrow's NFP data may be source of elevated volatility.
#15 - January 05, 2023, 10:57:36 AM

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