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2023 Market Forecast by Solid ECN in Technical_67f83ac065b44

2023 Market Forecast by Solid ECN

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NZDUSD - The price is in a correction and a fall is possible.

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 0.6388.

2023 Market Forecast by Solid ECN in Technical_nzdusd_7
#181 - March 02, 2023, 12:52:30 PM

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Oil

Crude oil price breached 77.40 level clearly to trade at 78.00 barrier now, reinforcing the expectations of continuing the bullish trend for the rest of the day, and the way is open to achieve our first target at 78.90, reminding you that breaching it will push the price to 80.40 as a next main target, while holding above 77.40 represents key condition to continue the expected rise, which gets good positive support by the EMA50.

2023 Market Forecast by Solid ECN in Technical_oil_7
 
The expected trading range for today is between 76.20 support and 79.40 resistance.
#182 - March 02, 2023, 02:00:25 PM

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USDJPY
The USDJPY pair leaned on the bullish channel?s support line and bounced bullishly from there, as the EMA50 meets this support to add more strength to it, to resume the correctional bullish track, and the way is open to achieve our next target at 137.70. Stochastic loses its positive momentum clearly now, which might cause additional sideways trades before resuming the expected bullish bias.
2023 Market Forecast by Solid ECN in Technical_usdjpy_7
Holding above 135.65 is important to continue the expected rise, as breaking it will put the price under intraday negative pressure to head towards visiting 133.30 before any new attempt to rise.
#183 - March 02, 2023, 03:16:23 PM

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2023 Market Forecast by Solid ECN in Technical_6803a6c52eb12
#184 - Today at 02:14:05 PM

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GBPCHF

The GBPCHF pair ended the correctional bullish rebound by providing new negative close below 1.1415 resistance, to notice crawling below the moving average 55 and consolidate near 1.1255, also, stochastic begins to provide the negative momentum to increase the efficiency of the bearish track, to keep waiting to touch the negative stations near 1.1180 followed by reaching the additional support at 1.1100.

2023 Market Forecast by Solid ECN in Technical_gbpchf_1

The expected trading range for today is between 1.1310 and 1.1180.
#184 - March 03, 2023, 08:11:31 AM

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EURJPY

The EURJPY pair postponed the bullish rally, affected by 145.25 level forming an obstacle against the bullish attempts, to notice providing weak sideways fluctuation by consolidating near 144.80.

2023 Market Forecast by Solid ECN in Technical_eurjpy_4

We remind you that the bullish scenario will remain valid as long as 144.00 forms additional support line, and stochastic attempt to crawl towards the overbought areas, allowing us to wait to surpass the current obstacle and manage to reach the next main target at 146.50.
#185 - March 03, 2023, 09:18:01 AM

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USDCAD

The USDCAD pair continues to decline to break 1.3600 level and settles below it, to head towards providing more negative trades on the intraday basis, targeting visiting 1.3500 level mainly.

2023 Market Forecast by Solid ECN in Technical_usdcad_7

Therefore, the bearish bias will be suggested for today, noting that the expected decline is temporary, waiting to resume the bullish wave that its targets begin by testing 1.3680 level. On the other hand, we should note that breaching 1.3630 will stop the suggested negative scenario for today and lead the price to recover again.
#186 - March 03, 2023, 10:37:11 AM

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XAUUSD - Growth is possible.

If the assumption is correct, the XAUUSD pair will grow to the area of 1889.75 ? 1960.25. In this scenario, critical stop loss level is 1802.05.

2023 Market Forecast by Solid ECN in Technical_xauusd_1
#187 - March 03, 2023, 12:38:41 PM

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ETHEREUM

ETHEREUM price fell over 6.0% on Friday and broke below psychological support at $1600, which coincides with 38.2% Fibonacci retracement of the upward wave started in June 2022. Currently buyers attempt to halt declines around local support at $1550, which is marked with previous price reactions. However, should break lower occur. sell-off may deepen towards recent lows at $1460.

2023 Market Forecast by Solid ECN in Technical_eth
#188 - March 04, 2023, 05:36:24 AM

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US100

The Fed released its semi-annual monetary policy report today, and next week Powell will testify before Congress. His statement may provide some hints regarding future rate hike path and measures which may be taken during the March meeting. Highlights of the report:

Further hikes are needed

  • Financial conditions have tightened significantly since June
  • Service inflation excluding the housing sector remains elevated, further dynamics will depend on the labor market
  • Bringing inflation back to 2% likely requires period of below-trend growth, some softening of labor market conditions
  • Inflation abroad remains high, which has an impact on domestic prices
  • The labor market will remain strong for now

2023 Market Forecast by Solid ECN in Technical_us100_1

Today's report did not cause any major market moves, as next week's Powell semiannual testimonies is much more important. EURUSD rebounded slightly and the US100 remains at session highs.
#189 - March 04, 2023, 06:39:47 AM

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EURUSD - The price is in a correction and a fall is possible.

If the assumption is correct, the EURUSD pair will fall to the area of 1.0500 ? 1.0325. In this scenario, critical stop loss level is 1.0695.

2023 Market Forecast by Solid ECN in Technical_eurusd_12
#190 - March 06, 2023, 06:53:14 AM

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#191 - Today at 02:14:05 PM

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AUDUSD

The AUDUSD pair continues to crawl positively to trade near the key resistance 0.6780, noticing that stochastic lost its positive momentum to start providing negative signals now, waiting to motivate the price to rebound bearishly and resume the correctional bearish track, which targets 0.6665 as a next station.

2023 Market Forecast by Solid ECN in Technical_audusd_5

The EMA50 continues to press negatively on the price to support the continuation of the expected bearish trend, being aware that breaching 0.6780 will complete forming positive pattern that has the ability to push the price to turn to rise and head to visit 0.6925 areas initially.
#191 - March 06, 2023, 10:04:51 AM

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EURJPY

The EURJPY pair failed to surpass 145.25 barrier, to force it to postpone the bullish attack and form correctional bearish rebound to touch the additional support at 144.

2023 Market Forecast by Solid ECN in Technical_eurjpy_5

We expect to form mixed sideways trades between the mentioned levels, to recommend neutrality and monitoring the price behavior until surpassing one of these levels to manage to detect the next trend, noting that breaking the support will activate the correctional bearish track that might target 143.25 and 142.60 levels.
#192 - March 06, 2023, 11:07:54 AM

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GBPJPY

The GBPJPY pair provided more negative closings below the key resistance 165.10, forming some negative waves to settle near 163.25, confirming its surrender to the previously suggested bearish bias domination.

2023 Market Forecast by Solid ECN in Technical_gbpjpy_3

Now, stochastic approach to 20 level allows us to keep the negative overview, to expect forming new negative waves and move towards the negative target at 162.25, while breaking to might extend losses towards 161.40 direct.
#193 - March 06, 2023, 12:16:54 PM

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AUDUSD

AUDUSD is one of the pairs that may see some moves in the coming hours and days. The pair took a hit at the launch of this week's trading as China set a rather disappointing 2023 GDP growth target of 'around 5%'. This is because trading AUDUSD is often seen as a proxy China trade due to the Australian economy being highly dependent on demand from China, especially for its commodities.

The pair will likely also see some moves during the coming Asian session as the Reserve Bank of Australia is set to announce a monetary policy decision on Tuesday, 3:30 am GMT. Market expects a 25 basis point rate hike, to 3.60%. If confirmed, this would mark the fifth consecutive 25 basis point rate hike. Statement accompanying the latest decision noted that the RBA Board sees further rate hikes as appropriate and minutes from the latest meeting even showed that discussions were whether to hike by 25 or 50 bp. While a 25 bp rate hike looks like a done deal at a meeting tomorrow, a lot of attention will be paid to guidance and whether the RBA remains on a hawkish path.

When it comes to the US dollar, the currency may become more volatile on Tuesday and Wednesday when Fed Chair Powell delivers his semiannual testimony to Congress (3:00 pm GMT on both days, text release around 1:30 pm GMT on Tuesday). However, as Powell's speeches will come ahead of key US macro data, like NFP this Friday or CPI next week, it is widely expected that Powell will stick to his previous messaging and will not deliver any surprises.

2023 Market Forecast by Solid ECN in Technical_audusd-n[/url]

Taking a look at AUDUSD chart at D1 interval, we can see that the pair has been attempted to make a break below the 38.2% retracement of the downward move launched in April 2022 for a few days. No such break occurred yet but it cannot be ruled out, especially if RBA surprises with a dovish message, like for example hinting that rates are close to peak. On the other hand, defending this area would be a strong bullish signal and could pave the way for a recovery towards 50% retracement in the 0.6900 area.
#194 - March 06, 2023, 01:31:57 PM

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EURUSD

ECB's Holzmann calls for 50 BPS hikes at the next 4 meetings. In addition he would like the PEPP program to be included in the balance sheet reduction, whose maturing instruments are reinvested for the time being. In his opinion, PEPP should be "pulled" into QT in autumn. These comments are very hawkish, however Holzmann belongs to the extreme group of "ultrahawks" at the ECB.

2023 Market Forecast by Solid ECN in Technical_eurusd-n_2

EURUSD tried to rebound slightly after Holzmann's comments.
#195 - March 06, 2023, 03:45:12 PM

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