2023 Market Forecast by Solid ECN

Crude Oil - Growth is possible.

If the assumption is correct, the asset will grow to the area of 93.25 ? 100.5. In this scenario, critical stop loss level is 76.50.

GBPUSD Needs Strong Positive Motive

The GBPUSD pair fluctuates within tight track since last Friday, settling above the EMA50 that forms good intraday support against the price, to keep our bullish overview that its targets start by breaching 1.2440 to open the way to head towards 1.2595.



On the other hand, we should note that breaking 1.2320 will push the price to achieve some intraday bearish correction before turning back to resume the main bullish trend again. The expected trading range for today is between 1.2320 support and 1.2485 resistance.

GBPCAD holds above the support

The GBPCAD pair confirmed keeping the bullish attempts by providing new positive close above the minor bullish channel?s support line at 1.6470, to manage to renew the bullish rally and settle near 1.6555.



Now, stochastic attempt to provide the positive momentum allows us to suggest more positive attempts, to target 1.6680 level soon, while surpassing it will push the price to reach the additional stations at 1.6800 and 1.6930 levels. The expected trading range for today is between 1.6490 and 1.6680.

Euro Area Q4 GDP Beats Estimates

Q4 GDP report from euro area just came out and turned out to be a positive surprise. Growth reached 0.1% QoQ while market expected a 0.1% QoQ drop. On annual basis, GDP growth reached 1.9% YoY (exp. 1.8% YoY), slightly slower than 2.1% YoY reported in Q3 2022. Simultaneously, Q4 GDP report from Italy was released and it also turned out to be better-than-expected. Italian GDP declined 0.1% QoQ in Q4 2022, but the market expected a 0.2% QoQ drop. On an annual basis growth reached 1.7% YoY (exp. 1.6% YoY).



However, in spite of being a positive surprise, reports did not have much of an impact. EURUSD barely moved while DE30 ticked lower.

GBPCHF Begins to Decline

The GBPCHF pair surrendered to the domination of the bearish bias by providing new negative close below 1.1480 resistance and start forming new negative waves by reaching 1.1280.

The negative stability below the moving average 55 and stochastic additional negative momentum signals confirm the continuation of the negativity, to expect suffering additional losses soon by targeting 1.1210 followed by repeating the pressure on the additional support 1.1105. The expected trading range for today is between 1.1340 and 1.1210.

NZDUSD Still Negative

The NZDUSD pair settles below the EMA50 that forms negative pressure against the price, to keep the bearish trend active, waiting to head towards 0.6365 as a first target. Stochastic provides negative signals that support the expected decline, reminding you that the continuation of the bearish wave depends on the price stability below 0.6510.

The expected trading range for today is between 0.6370 support and 0.6480 resistance.

EURUSD Hits the Target

The EURUSD pair rallied upwards strongly to succeed achieving our waited target at 1.1030, moving within major bullish channel that supports the chances of achieving more rise in the upcoming period, noting that breaching the mentioned level will extend the bullish wave to reach 1.1185 areas.



Therefore, the bullish trend scenario will remain suggested on the intraday and short term basis, noting that failing to breach 1.1030 might force the price to rebound bearishly and achieve some intraday bearish correction before turning back to rise again. The expected trading range for today is between 1.0950 support and 1.1110 resistance.