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Daily Market Analysis by Solid ECN | *Video*

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How to Trade MACD

We prepared a tutorial video of how to trade with the MACD indicator. In this tutorial, you will learn about the MACD crossover and the MACD divergence signals. We hope this video helps you to have a better concept of the market and trade more efficiently.

View the video tutorial on YouTube:
https://youtu.be/1aidcei_2lU


Linkback: https://www.forex.zone/technical/11/daily-market-analysis-by-solid-ecn-video/3649/
#1 - December 28, 2021, 08:21:58 PM
« Last Edit: December 28, 2021, 08:28:15 PM by Solid ECN Securities »

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EURUSD | GBPUSD | USDJPY


Watch the video analysis on YouTube:
https://youtu.be/urz04K8QW6c


The Euro Dollar downside momentum from 1.226 eased at the Fibonacci 61.8 level near 1.118. The candles formed a "bullish Doji star" and a "hammer" pattern forecasting an upcoming trend reversal. The pattern can be spotted in the daily chart. Indicator-wise, the MACD shows a divergence in the trend. So far the outcome of the MACD divergence was the trend decline slowing down around 1.118 and moving sideways. Minor resistance exists at 1.138. With a break of this fragile sealing, the instrument would probably target 1.15. On the other hand, we'll witness more decline in the pair if the support at 1.118 fails.

GBPUSD bounced from the 38.2 retracement level of the Fibonacci, and it is trading close to the minor support at 1.341. With a breach in the said level, the pound sterling surge to 1.366 would probably be seen in the next few days. 38.2 Fibo at 1.3158 is the conservative support. If this level breaks, the next target would be level 50 of the Fibonacci retracement around 1.225.

USDJPY
The bulls have an outstanding performance against the bears on the JPY USD pair. Buyers didn't cute their pressure on passing the resistance at 114.4, and the market is on its way to test the sealing for the fifth time in the last 10 days. Support is at 111.66. As long as this level holds, the market trend is bullish. Resistance is at 115.53, with a break of the level, the path of the bull to 118.66 will be paved.

#2 - December 28, 2021, 08:25:46 PM
« Last Edit: December 28, 2021, 08:28:20 PM by Solid ECN Securities »

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EURUSD | GOLD
28.12.2012


Watch the video analysis on YouTube
https://youtu.be/7qD6L4WEWmI
#3 - December 28, 2021, 08:27:22 PM

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Gold
29.12.2021

Today we are looking at the gold 4 hours chart.

The yellow metal breached the $1814 resistance yesterday, but the bulls couldn't hold the price above the said level. The instrument is trading near the 23.6 Fibonacci retracements. The upward trendline from December 22, and December 27 failed to keep the bullish sentiment.

Below the $1800 support is level 50 of the Fibonacci. If this minor support fails, the path to $1784 will be paved for the bears.

Trading Signal
The trend is bullish, and minor resistance will be seen from the bears here and there.
Solid ECN statistic shows that the buyers' target is $1830 and $1850 checkpoints with the risk of stopping at $1784.

On the other hand, the bears are targeting $1784 with risking the December higher high at $1820.


Watch the video on YouTube
https://youtu.be/RAnXRHqrKSc
#4 - December 29, 2021, 08:35:16 AM

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GBP/USD
lower volatility is a catalyst for price correction
30.12.2021

The British currency is gradually adding in value against the background of lower volatility and is currently correcting upward around 1.3487.

The country continues to occupy a leading position in terms of the incidence of the Omicron strain. According to the National Health Safety Agency (UKHSA), the number of confirmed cases of the new mutation currently exceeds 210K, and the day before, the highest daily number of COVID-19 infected since the beginning of the pandemic was recorded at 183,037.

Meanwhile, the energy crisis continues to develop in the UK, as a result of which 26 companies have already filed for bankruptcy amid an unprecedented rise in wholesale prices for gas and electricity. The leaders of the industry's leading enterprises have asked the government to reduce the value added tax rate for them, and, according to preliminary information, the meeting will take place on January 3.

The American currency is at the previous levels, showing no trading activity. Perhaps tomorrow's data on the number of Initial Jobless Claims will be able to change the situation. According to analysts, the figure may rise to 208K from 205K a week earlier, and the total number of beneficiaries may rise up to 1.868M people. Even in the case of fixing changes, this is unlikely to have a serious impact on the dollar quotes, since most of the large positions on the asset were liquidated last week.

Support and resistance
GBP/USD is trading within the global downtrend channel, approaching the resistance line. Technical indicators are holding a local buy signal: the fast EMAs of the Alligator indicator are above the signal line, and the histogram of the AO oscillator is trading in the buy zone, forming ascending bars.

Support levels: 1.3362, 1.3170.
Resistance levels: 1.3566, 1.3850
Daily Market Analysis by Solid ECN | *Video*  in Technical_gbpusd-30122021
#5 - December 30, 2021, 07:35:43 AM
« Last Edit: January 04, 2022, 11:09:54 AM by Admin »

  • Daily Market Analysis by Solid ECN | *Video*  in Technical_index
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Next week's analysis on the H1 time farm for GPBUSD is still potentially up.
Towards the price of 0.84155 .
It can be seen from the analysis using the Ichimoku Kinko Hyo indicator. 
#6 - January 02, 2022, 12:42:40 AM
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Crude Oil
wave analysis

The price is in a correction; a fall is possible.

On the daily chart, the upward wave C forms, within which the first wave 1 of (1) of C developed. Now, a downward correction has started to develop as the wave 2 of (1), within which the wave a of 2 is formed. If the assumption is correct, the price will fall to the levels of 54.10?44.25. In this scenario, critical stop loss level is 77.56.
#7 - January 03, 2022, 08:07:56 AM
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FTSE
Growth Amid Stabilization of the Bond Market


Current trend
The FTSE 100, the leading index on the London Stock Exchange, grows and currently has reached 7480.0 points, following the positive dynamics shown in 2021, when the instrument increased by 14%, showing the most significant rise in the last five years. Now, it continues its local upward trend, trading at 7467.0.

Despite the current rise in prices, the domestic stock market's information background remains rather poor. The number of new cases of coronavirus infection in the United Kingdom is steadily increasing and may soon reach 200K cases per day, which is more than 50% higher than the average daily rates of mid-December last year. Nevertheless, despite such dynamic growth, Prime Minister Boris Johnson said that the authorities did not introduce stricter quarantine restrictions due to the Omicron coronavirus strain. The official stressed that the UK is in a better position than most other European countries due to the very high vaccination rate of the population.

Meanwhile, the quotes of the leading British bonds have remained practically unchanged for the fifth session in a row: the yield on 10-year securities is 0.9720%, and global 20-year bonds are at the level of 1.2000%, which was reached on December 29.

The growth leaders in the index are Melrose Industries Plc. (+2.34%), Fresnillo Plc. (+1.71%), and Rentokil Initial Plc. (+1.35%).

Among the leaders of the decline are Kingfisher Plc. (?3.15%), National Grid Plc. (?1.78%), and Bunzl Plc. (?1.77%).

Support and resistance
The asset moves within the global ascending channel and prepares to form a local reversal, having reached the resistance line. Technical indicators are in the state of a buy signal: t indicator Alligator's EMA fluctuations range is still wide enough, and the histogram of the AO oscillator remains above the transition level.

Support levels: 7386, 7196
Resistance levels: 7520, 7700


#8 - January 04, 2022, 08:36:16 AM
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Gold
Under Pressure from the US Dollar

In the first days of the new year, gold quotes are highly dependent on USD dynamics, and at yesterday's trading session, they again dropped to $1800 per ounce, near which they spent the entire second half of last year. Currently, the XAU/USD pair is correcting within a downtrend around 1805.0.

Now, when the bulk of investor capital is out of the market, metal quotes can react sharply to any changes in the information background. So, today's data on Chinese Manufacturing PMI, which rose to 50.9 points from 49.9 points a month earlier, allowed the trading instrument to start the session with growth. At the beginning of last year, after the publication of corresponding statistics, the precious metal quotes actively changed the dynamics of movement, but by the end of the year, this dependence had weakened. When the market liquidity is low, the asset reacts to almost any changes in the macroeconomic background.

As for the number of positions in gold, according to the US Commodity Futures Trading Commission (CFTC), they slightly increased to 205.8K from 202.2K a week earlier. As for the distribution of the "bulls" and the "bears" by positions, a significant advantage in favor of buyers remains. Over the past week, the number of their positions increased by 2.044K, reaching 174.261K, while for sellers, this indicator increased by 4.883K to 45.189K.

Support and resistance
On the daily chart, the price moves within the global sideways channel reversed at the upper border. Technical indicators give a weakening buy signal: indicator Alligator's EMA fluctuations range narrows, and the AO oscillator histogram forms upward bars near the transition level.

Watch the video on YouTube.

Daily Market Analysis by Solid ECN | *Video*  in Technical_xauusd-daily-analysis

Support levels: 1786 and 1725
Resistance levels: 1830 and  1870
#9 - January 04, 2022, 10:21:44 AM
« Last Edit: January 04, 2022, 11:09:43 AM by Admin »

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Crude Oil
Oil prices continue upward trend


Quotes of WTI Crude Oil are developing a "bullish" momentum. During the week, the price rose to the level of 78.12 (Murray [5/8]), which it is now actively testing.

The data published earlier of the weekly report of the US Energy Information Administration (EIA) turned out to be negative: crude oil reserves decreased by 2.144M barrels instead of the 3.283M barrels predicted by analysts, while the volume of gasoline reserves increased sharply by 10.128M barrels, which is the highest since April 2020 and indicates the refusal of the population to travel during the Christmas holidays. Nevertheless, these statistics have put only short-term pressure on oil quotes and today they have continued to grow.

In general, investors remain confident in the high demand for "black gold" from global consumers, since most of them are in no hurry to impose strict economic restrictions, despite the development of the coronavirus pandemic caused by the spread of the Omicron strain. The position of OPEC+ adds confidence to the bidders, which continued the policy of gradually increasing the monthly production level by 400K barrels per day.

Support and resistance
A breakout of the level of 78.12 will give the prospect of further price growth to 81.25 (Murray [6/8]) and 84.38 (Murray [7/8]). A reverse breakdown of 75.00 (Murray [4/8]) and the middle line of the Bollinger Bands will become a catalyst for a decline up to the level of 68.75 (Murray [2/8]). However, this option of the movement of the trading instrument seems less likely, since the indicators signal the continuation of upward dynamics: the Bollinger Bands and Stochastic are directed upwards, the MACD histogram increases in the positive zone.

Resistance levels: 78.12, 81.25, 84.38.
Support levels: 75.00, 73.70, 68.75.

Daily Market Analysis by Solid ECN | *Video*  in Technical_oil-technical-analysis-612022
#10 - January 06, 2022, 05:44:13 PM
« Last Edit: January 06, 2022, 05:50:39 PM by Admin »

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NZD/USD Technical Forecast

NZD USD is trading just above a fresh low for the month after prices fell sharply overnight. Prices continue to trade within the December range, with the 23.6% Fibonacci retracement providing a level of support.

A break below that would expose the December low at 0.670. If that level breaks, prices may resume the downward trend seen back in November. Alternatively, a rebound will have bulls looking to overtake the falling 26-day Exponential Moving Average.

#11 - January 07, 2022, 08:22:06 AM
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« Last Edit: January 07, 2022, 01:39:07 PM by Solid ECN Securities »

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Gold
Wave Analysis

On the daily chart, the fifth wave of the higher level (5) develops, within which the first entry wave 1 of (5) formed, a correctional wave 2 of (5) developed, and the wave 3 of (5) formed. Now, the first wave of the lower level i of 3 is developing, within which a local correction has ended as the wave (iv) of i. If the assumption is correct, the pair will grow within the wave (v) of i to the levels of 1919.90?2067.60. In this scenario, critical stop loss level is 1752.82.
#12 - January 07, 2022, 10:04:26 AM
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USDCAD
Technical Analysis

Current trend
The USD/CAD pair continues to trade within a wide ascending channel. In the middle of last month, the price reached the area of 1.2939, but could not break through higher and began to decline.

Currently, the instrument is testing 1.2695, (Fibo retracement 23.6%), the breakdown of which will allow the quotes to decline to the levels of 1.2575 (Fibo retracement 38.2%) and 1.2480 (the lower limit of the ascending channel, Fibo retracement 50.0%). The level of 1.2939 is still the key one for the "bulls". In case of its breakout, the growth will be able to continue to the levels of 1.3062 and 1.3184 (the upper line of the ascending channel).

In general, the mid-term uptrend in the asset remains, but technical indicators do not exclude a correction within its framework: Stochastic is trying to reverse down, the MACD histogram is preparing to move into the negative zone and form a sell signal.

Support and resistance
Resistance levels: 1.2939, 1.3062, 1.3184.
Support levels: 1.2695, 1.2575, 1.2480.


#13 - January 07, 2022, 02:14:34 PM
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Monday Morning Market Review

EUR/USD
The European currency shows a moderate decline against the US dollar during the Asian session, correcting after a significant increase last Friday, when investors were actively buying the single currency amid the publication of upbeat macroeconomic statistics from Europe. The Consumer Price Index in the euro area in December rose by 5% after increasing by 4.9% a month earlier. Analysts had expected the dynamics to slow down to 4.7%. At the same time, the Core Consumer Price Index retained the same dynamics at 2.6%, which also turned out to be slightly better than the market forecasts of a slowdown to 2.5%. Retail Sales in November showed a record growth of 7.8% after increasing by 1.7% a month earlier. Market expectations assumed the growth of the indicator by 5.6%. In turn, the American currency came under pressure after the release of the controversial report on the US labor market for December. In particular, Nonfarm Payrolls in December 2021 amounted to only 199K, having fallen from 249K in November. Forecasts suggested an increase of 400K.

GBP/USD
The British pound is trading near zero against the US currency during the morning session, consolidating around 1.3580 and local highs from November 9. At the end of the last trading week, the pound managed to demonstrate a fairly confident growth, which was the market's reaction to the emergence of not the strongest macroeconomic statistics from the United States. Investors were disappointed by the weak growth in Nonfarm Payrolls in December. The real dynamics turned out to be twice as bad as the market forecasts at the level of 400K, while the other parameters of the report turned out to be quite optimistic. The Unemployment Rate in December continued to decline and reached 3.9% after 4.2% in November. Statistics from the UK also did not help to clarify the situation on the market. Markit Construction PMI in December fell from 55.5 to 54.3 points, which turned out to be slightly better than the market forecasts of a decline to 54 points. Halifax House Prices in December remained unchanged at 1.1%, while investors expected it to decline to 0.7%.

NZD/USD
The New Zealand dollar has seen a slight decline against the US currency during the Asian session, correcting after Friday's gains that interrupted a two-day "bearish" rally. Following the decline in the middle of last week, the New Zealand dollar renewed its local lows from December 21. The development of the downtrends was facilitated by the statements of the representatives of the US Fed, who signaled an imminent tightening of monetary policy in the country against the background of the continuing growth of inflation and stabilization in the labor market. In turn, Friday's report on the US labor market for December 2021 somewhat cooled the fervor of investors. Nonfarm Payrolls grew by only 199K in December, which turned out to be worse than not only the forecasts of 400K, but also the previous value of 249K. Trading activity today remains low due to the relatively empty macroeconomic calendar. Investors expect clarification of the situation with the prospects for tightening monetary policy by the US Federal Reserve, but the news will appear only on Tuesday, when the Chair of the regulator Jerome Powell will give a speech in the US Congress.

USD/JPY
The US dollar shows restrained gains against the Japanese yen in Asian trading, testing 115.80 for a breakout. The instrument is recovering from its local lows, which were updated due to the development of "bearish" sentiments at the end of the last trading week. At the same time, the pair continues to hold near record highs. The positions of the American currency strengthened again last week after the publication of the "hawkish" minutes of the US Federal Reserve meeting, which indicated the likelihood of a faster tightening of monetary policy by the American regulator in the near future. In particular, the US Fed may agree to the early completion of the quantitative easing (QE) program, which will entail a shift in the timing of the start of the cycle of raising interest rates. Statistics from Japan, released last Friday, leave much to be desired. Household Spending in November fell again by 1.3% after falling by 0.6% in October. Analysts had expected positive dynamics to appear at 1.6%. At the same time, Tokyo Consumer Price Index in December increased from 0.5% to 0.8%.

XAU/USD
Gold prices show a slight decline at the beginning of the new week, consolidating near 1800.00. Pressure on the instrument's position is exerted by the minutes of the US Federal Reserve meeting published last week, which indicated the "hawkish" position of the American regulator regarding the tightening of monetary policy. The US Fed notes high rates of growth in consumer inflation, as well as a tense situation in the labor market. At the same time, Friday's report on the US labor market showed weak growth in Nonfarm Payrolls. In December, only 199K jobs were created, while investors hoped to overcome 400K.
#14 - January 10, 2022, 08:10:09 AM
« Last Edit: January 10, 2022, 08:11:47 AM by Solid ECN Securities »

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AUD/USD
Positive statistics support the instrument

Current trend
The AUD/USD pair trades above the level of 0.7158, supported by the macroeconomic statistics.

Thus, the number of preliminary building permits in Australia rose by 3.6%, despite the forecast of 3.2%. The previous value was revised downward to ?13.6%. Investors expect the November retail sales data to be released tomorrow at 02:30 (GMT+2). According to forecasts, it will amount to 3.9%. Positive economic data from Australia temporarily restrain the trading instrument from further decline, leaving a chance for the "bulls" to break through the level of 0.7265.

Additional support to the asset was provided by publishing data on the US labor market last Friday. December Nonfarm Payrolls amounted to 199K against the forecast of 400K, but the previous figure was corrected upward from 210K to 249K. Unemployment decreased again and amounted to 3.9%, although analysts had forecast a decline of 0.1% to 4.1%.

On the other hand, Australia is starting to vaccinate children aged 5?12 years after the number of infections increased significantly on New Year's holidays, exceeding 116K cases per day. The virus forces Queensland to postpone its annual school reopening by a month until early February. The epidemiological situation is worsening, although politicians cite positive scientific studies on the effect of the Omicron strain on mortality to maintain optimism. For a while, it may support buyers of the Australian dollar, but given the planned rate hikes by the US Federal Reserve in 2022, the pair's growth looks limited.

Support and resistance
The long-term trend is downwards. In December, the pair gained support at 0.6995, after which it started an upward correction, within which it tested the resistance level of 0.7265. If this level is held, the fall will continue with the target at the December low.

The medium-term trend is upwards towards the target zone 2 (0.7329?0.7313). Last week, the price corrected, approaching the key support for the trend around 0.7117?0.7101. After the test of key support, it is worth opening long positions.

Resistance levels: 0.7265, 0.7457, 0.7541.
Support levels: 0.7158, 0.6995, 0.6830.



#15 - January 10, 2022, 09:54:01 AM
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