2023 Market Forecast by Solid ECN

XRPUSD - Growth as Part of the general market trend

The positive dynamics of quotes may be associated with the airdrop of the Flare token (FLR) planned two years ago, which since Monday has been distributed among XRP owners in a one-to-one ratio: in total, about 4.28B coins were distributed, the main volume of which will soon was sold. This token is an integral part of a startup that should ensure the interaction of the Ripple ecosystem with other blockchains.

Further prospects for the asset look uncertain, and much depends on the monetary and judicial decisions that will be made soon. In particular, on Thursday, investors expect the publication of December data on US consumer inflation: a slowdown in its growth will give the US Federal Reserve a reason to slow down the pace of monetary policy tightening. Otherwise, the cryptocurrency sector may be under new pressure. Also, XRP may lose ground if the Southern District of New York court, which is considering the US Securities and Exchange Commission (SEC) lawsuit against Ripple, satisfies the regulator's latest petition and recognizes the documents of its former chairman William Hinman as confidential. In this case, the company's lawyers will lose the main argument with which they tried to prove that XRP is not a security, and the case may not be decided in their favor.



Currently, the trading instrument has left the long-term downward channel and is close to 0.3662 (Murrey level [6/8]), the breakout of which will give the prospect of further growth to 0.3906 (Murrey level [8/8]), 0.4150 (Murrey level [+2/8]) and 0.4330 (Fibonacci retracement 23.6%). The key "bearish" level is 0.3296 (Murrey level [3/8], the lower line of Bollinger bands). If it is broken down, the price will be able to continue falling to 0.2930 (Murrey level [0/8]).

Resistance levels: 0.3662, 0.3906, 0.4150, 0.433 | Support levels: 0.3296, 0.3052, 0.293

EURUSD Surpasses the Resistance

The EURUSD pair managed to breach 1.0745 level and hold above it, reinforcing the expectations of continuing the bullish trend in the upcoming sessions, opening the way to head towards 1.0915 as a next main station, supported by the EMA50.



On the other hand, we should note that breaking 1.0745 and holding below it will put the price under negative pressure that targets testing 1.0645 areas initially.

The expected trading range for today is between 1.0700 support and 1.0860 resistance.

XAUUSD - Growth is possible.

If the assumption is correct, the XAUUSD pair will grow to the area of 1990 ? 2050. In this scenario, critical stop loss level is 1759.43.

Crude Oil - The price is in a correction, a fall is possible.

If the assumption is correct, the price of the asset will fall to the area of 72.50 ? 62.55. In this scenario, critical stop loss level is 100.28.

EURUSD Gets New Positive Signal

The EURUSD pair resumes its positive trading after the temporary decline that it witnessed in the previous sessions, reinforcing the expectations of continuing the bullish trend, motivated by the positive overlapping signal provided by stochastic now, waiting to visit 1.0915 as a next main target.
 


The EMA50 continues to support the suggested bullish wave, which will remain valid as long as 1.0745 level remains intact. The expected trading range for today is between 1.0790 support and 1.0950 resistance.

BTCUSD - Monetary factors support the growth of "digital gold"

The main support for the entire cryptocurrency sector was provided by monetary factors. After the release on Thursday of the December data on US consumer inflation, which recorded a new slowdown in its growth rate from 7.1% to 6.5% on an annualized basis, investors became stronger in the opinion that the US Fed will also adjust the rate of interest rate hike to 25.0 percentage points, putting pressure on the quotes of the national currency. As a result, the positions of alternative assets, including digital ones, have strengthened. It should be noted that the current trend is in line with the forecasts of the well-known crypto enthusiast, the head of Galaxy Digital, Michael Novogratz, who at the beginning of last year said that the digital asset market would restore positive dynamics after the American regulator retreats from the policy of sharp monetary tightening. Further positive for the sector was the news that the FTX bankruptcy team was able to restore access to the company's assets of about 5.0B dollars, which could provide investors with a significant part of the losses.

However, despite a number of positive factors, the further recovery of BTC positions does not look sustainable, as the position of the cryptocurrency industry as a whole remains difficult. The decline in trading volumes on the leading centralized exchanges continues, in December alone, the number of spot trading decreased by 42.8% at once, and of futures ? by 47.6% compared to November. The difficult financial situation caused by a protracted fall in prices last year is forcing companies to optimize costs and reduce staff. Thus, the Coinbase platform announced plans to lay off 950 employees, which is about 20.0% of the staff. Cryptocurrency company ConsenSys intends to lay off about 100 employees, and cryptocurrency wallet operator Blockchain.com ? 110. In addition, additional problems for the industry may be created by a new lawsuit by the US Securities and Exchange Commission (SEC) against the Gemini site and the Genesis credit service, which, according to the regulator, are guilty of unregistered sale of securities to investors.



Technically, the price is testing the resistance zone of 21000 - 21250 (Murray level [+1/8], Fibo retracement 61.8%), consolidation above it will give the prospect of further growth to the levels of 22500 (Murray level [+2/8]) and 25000 (Murray level [0/8] for W1). If the level of 20000 (Murray level [8/8], Fibo retracement 50.0%) is broken down, the decline will be able to resume to the area of 19100 (Fibo retracement 38.2%) and 17830 (Fibo retracement 23.6%).

Resistance levels: 21250, 22500, 25000 | Support levels: 20000, 19100, 17830

AUDUSD Awaits more Rise

The AUDUSD pair faced temporary negative pressure in the previous sessions to lean on the intraday support line that appears on the chart and begins rising now, accompanied by witnessing positive signals through stochastic, waiting to motivate the price to provide more positive trades on the intraday and short term basis, reminding you that our next target is located at 0.7080.



Therefore, our bullish overview will remain valid conditioned by the price stability above 0.6915. The expected trading range for today is between 0.6920 support and 0.7040 resistance.