2023 Market Forecast by Solid ECN

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.

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.



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

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. 



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

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.



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.

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.



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.

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.



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

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.



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

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.