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2023 Market Forecast by Solid ECN

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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 developing, within which the wave i of 5 has appeared, a local correction has ended as the wave ii of 5, and the formation of the wave iii of 5 is starting.

If the assumption is correct, the USDCAD pair will grow to the area of 1.3978 ? 1.45. In this scenario, critical stop loss level is 1.3315.

2023 Market Forecast by Solid ECN in Technical_usdcad
#46 - January 18, 2023, 08:26:52 AM

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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 entry wave of the lower level i of 1 of (3) has formed.

If the assumption is correct, the USDCHF pair will grow to the area of 0.99 ? 1.0147. In this scenario, critical stop loss level is 0.9164.

2023 Market Forecast by Solid ECN in Technical_usdchf
#47 - January 18, 2023, 09:29:40 AM

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AUDUSD - Australian construction sector remains under pressure

Significant problems in the national economy constrain the positive dynamics of the Australian currency: another negative signal came from the real estate sector, where the Q4 total volume of commissioning of new housing decreased by 5.2% to 45.489K, and the indicator in the private sector ? by 4.9 % to 28.895K. Construction in other housing projects fell by 5.2%, amounting to 15.618K, and the total cost of work performed in the industry increased by 1.5%, reaching 30.6B Australian dollars. After the June reversal of the trend, the indicators of the construction sector are declining, approaching the historical lows of the pandemic 2020.

2023 Market Forecast by Solid ECN in Technical_audusd

On the daily chart of the asset, the trading instrument is moving within a narrow upward corridor, rising in the direction of the resistance line, and the technical indicators strengthen the buy signal.

Resistance levels: 0.7048, 0.7257 | Support levels: 0.6915, 0.6719
#48 - January 18, 2023, 10:53:07 AM

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Crude Oil - OPEC expects growth in global oil production

According to OPEC estimates, the trend for the recovery of quotations of "black gold" can be continued against the background of an increase in production. According to preliminary data, by the end of 2022, production will increase by 1.9M barrels per day by countries outside the cartel, and the forecast for 2023 suggests that the indicator will add another 1.5M barrels per day, reaching 67.2M barrels. It is expected that the USA, Canada and Brazil will remain the leaders in the production of "black gold", while in Norway and Thailand it will decrease slightly.

According to Bloomberg, despite the restrictions, Russian oil supplies by sea last week reached a maximum since April 2022 of 3.8M barrels per day. China, India and Turkey stand out among the main destinations, while Bulgaria remains the only port of shipment to the EU.

2023 Market Forecast by Solid ECN in Technical_oil

On the daily chart, the price is trading in a narrow sideways range, moving away from the lows of the year at the level of 70.5. The technical indicators confirm the high probability of continued corrective growth, strengthening the buy signal.

Support levels: 78.44, 70.5 | Resistance levels: 83.28, 92.2
#49 - January 18, 2023, 12:54:48 PM

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XRPUSD - The pair has stabilized after a week of growth

In general, investor enthusiasm has somewhat weakened, and the cryptocurrency market has stabilized in anticipation of new drivers of movement. Currently, further price growth is hindered by uncertainty over the US Securities and Exchange Commission (SEC) lawsuit against Ripple. Recall that the regulator insists that the XRP token is an unregistered security, which the company does not agree with. Now the parties have submitted to the court the final versions of their arguments, but no decision has been made yet. The cryptocurrency community estimates Ripple's chances of a successful outcome of the case as high, but even in this case, new lawsuits by the department against the company are not excluded.

Investors are also concerned about the new management of the bankrupt FTX exchange gaining access to assets worth 5.5B dollars, a certain share of which are XRP tokens. It is assumed that they will be used to compensate customers for losses and can be sold, which will put additional pressure on the pair. 

2023 Market Forecast by Solid ECN in Technical_xrp

The key for the "bulls" is the level of 0.3906 (Murray level [8/8]), consolidation above which will give the prospect of further growth to the area of 0.4150 (Murray level [+2/8]) and 0.4330 (Fibo retracement 23.6%). The resumption of a serious decline should be expected when the 0.3540 mark is broken down (Murray level [5/8], the middle line of the Bollinger Bands), and in this case the quotes will be able to reach 0.3296 (Murray level [3/8]), 0.3174 (Murray level [2/8]).

Resistance levels: 0.3906, 0.4150, 0.4330 | Support levels: 0.3540, 0.3296, 0.3174
#50 - January 18, 2023, 02:24:02 PM

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NZDUSD Touches the Second Target

The NZDUSD pair managed to touch our second waited target at 0.6510 and bounced downwards clearly from there, to test the intraday bullish channel?s support line now, accompanied by witnessing positive signals through stochastic, waiting to motivate the price to resume the bullish wave that its next target reaches 0.6600.

2023 Market Forecast by Solid ECN in Technical_nzdusd

Therefore, we suggest the continuation of the main positive scenario, noting that failing to consolidate above 0.6415 will put the price under additional negative pressure that targets 0.6345 followed by 0.6275 levels as next main stations. The expected trading range for today is between 0.6360 support and 0.6500 resistance
#51 - January 19, 2023, 07:47:10 AM

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Shares of Tesla are at 128.

On the daily chart, the price is trying to consolidate within the corrective trend, trading within the corridor with dynamic boundaries of 139 ? 126. On the four-hour chart, the upside potential is relatively small, despite holding above the 23.6% Fibonacci initial retracement at 125.

2023 Market Forecast by Solid ECN in Technical_tsla

Soon, an attempt to break this level and reduce quotes may follow. Otherwise, a scenario with local growth and achieving the base correction level of 38.2% by Fibonacci around 139 is possible.
#52 - January 19, 2023, 09:09:54 AM

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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.

2023 Market Forecast by Solid ECN in Technical_audusd
#53 - January 19, 2023, 10:49:53 AM

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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.

2023 Market Forecast by Solid ECN in Technical_usdcad

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.
#54 - January 19, 2023, 01:22:10 PM

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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.

2023 Market Forecast by Solid ECN in Technical_usdchf

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.
#55 - January 19, 2023, 03:39:14 PM

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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.

2023 Market Forecast by Solid ECN in Technical_usdcad

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
#56 - January 20, 2023, 10:16:19 AM

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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.

2023 Market Forecast by Solid ECN in Technical_eurgbp

The expected trading range for today is between 0.8740 and 0.8820.
#57 - January 23, 2023, 09:16:31 AM

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BTCUSD - The pair's upside potential remains

Positive sentiment associated with monetary factors still prevails. Investors are confident that against the backdrop of declining inflationary pressures, the US regulator will start raising interest rates less rapidly, reducing the increment to 25 basis points from 50 basis points. These actions should lead to a decrease in support for the US currency and at the same time reduce the likelihood of the US economy going into recession, which increases the risk appetite of investors.

2023 Market Forecast by Solid ECN in Technical_btc

The price corrected to the level of 22500 (Murrey level [6/8]), a breakdown of which will give the prospect of developing a decline to the levels of 21250 (Murrey level [5/8], Fibonacci retracement 61.8%) and 20000 (Murrey level [4/8], Fibonacci retracement 38.2%). The key level for the "bulls" remains the level of 23400, consolidation above which will ensure growth to the levels of 25000 (Murrey level [8/8]) and 26250 (Murrey level [+1/8]).

Resistance levels: 23400, 25000, 26250 | Support levels: 22500, 21250, 20000
#58 - January 23, 2023, 12:27:17 PM

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Crude Oil - Saudi authorities have announced their readiness to trade not only in US dollars

Quotes are gradually recovering against the backdrop of fundamental news: investors are reacting to the recent statement by the Minister of Finance of Saudi Arabia, Mohammed Al-Jadaan, made by him during his speech at the World Economic Forum (WEF) in Davos. The official said that for the first time in 48 years, his country is ready to consider proposals for international trade in currencies other than the US dollar. This statement supported the recent global de-dollarization trend, a support factor for the black gold market, creating an opportunity for more independent pricing to emerge.

2023 Market Forecast by Solid ECN in Technical_oil

Another factor of local support for oil prices was the statement by US Treasury Secretary Janet Yellen, who noted that the introduction of a price limit for petroleum products from the Russian Federation is a much more complicated process than the previously introduced limit on the cost of raw materials since there are a lot of their types, and each has a dynamic price, which makes it difficult to establish specific values, and it will take considerable time to develop the final rules. The new restrictions could be formalized as early as February.

On the daily chart, the trading instrument is moving within a downward corridor, approaching its resistance line at 87.30, and the technical indicators reinforce the buy signal.

Resistance levels: 89.3, 97.7 | Support levels: 84.8, 76.7
#59 - January 23, 2023, 03:27:16 PM

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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.

2023 Market Forecast by Solid ECN in Technical_gbpusd
#60 - January 23, 2023, 07:01:46 PM

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