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2023 Market Forecast by Solid ECN

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(HubuFX)

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Gold Technical Analysis

Gold price ended yesterday below the bullish channel?s support line that appears on the chart, to start bearish correction for the rise measured from 1616.65 to 1959.75, on its way to visit 1878.8 as a first correctional target.

2023 Market Forecast by Solid ECN in Technical_gold_4

Therefore, we expect to witness more decline in the upcoming sessions, taking into consideration that breaching 1928.6 will stop the current negative pressure and lead the price to regain the main bullish trend again. The expected trading range for today is between 1890 support and 1930 resistance.
#91 - February 03, 2023, 07:59:15 AM

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Crude Oil Price Presses on the Support

Crude oil price attempts to break 75.65 level, to hint heading to achieve more decline in the upcoming sessions, organized inside the bearish channel that appears on the chart, to target 74.10 areas initially.

2023 Market Forecast by Solid ECN in Technical_oil_2

Therefore, the bearish bias will be suggested for today, noting that breaching 76.2 will stop the expected decline and lead the price to recover and attempt to build bullish wave on the intraday basis. The expected trading range for today is between 73.8 support and 77 resistance.
#92 - February 03, 2023, 09:30:14 AM

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AUDUSD Under the Negative Pressure

The AUDUSD pair found solid resistance around 0.7150 level, to rebound downwards clearly and head towards potential visit to the bullish channel?s support line, located now around 0.6920.

2023 Market Forecast by Solid ECN in Technical_audusd

Therefore, the bearish bias will be expected for today, supported by moving below the EMA50, taking into consideration that breaching 0.7090 will stop the expected decline and lead the price to resume the main bullish wave. The expected trading range for today is between 0.6980 support and 0.7100 resistance.
#93 - February 03, 2023, 11:35:21 AM

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USDJPY consolidates below the resistance

The USDJPY pair settles below the resistance line formed at 128.90, noticing that stochastic loses its positive momentum clearly, while the EMA50 forms negative pressure against the price.

2023 Market Forecast by Solid ECN in Technical_usdjpy_3

Therefore, these factors encourage us to continue suggesting the bearish trend that its next target located at 127.15, reminding you that it is important to hold below 128.90 to achieve the waited targets. The expected trading range for today is between 127.60 support and 129.20 resistance.
#94 - February 03, 2023, 01:11:11 PM

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EURJPY Technical Analysis

The EURJPY pair started to form new correctional bullish wave to surpass the additional barrier 141.75 and notice recording some gains by touching 142.85 level.

2023 Market Forecast by Solid ECN in Technical_eurjpy_1

Continuing to consolidate above the breached barrier reinforces the chances of renewing the correctional attempts for now, to expect targeting 143.60 and 144.00 levels, while gathering the additional negative momentum and crawling below 141.75 will activate the bearish track again, to increase the chances of crawling towards 141.10 followed by repeating the pressure on 140.25 obstacle.

The expected trading range for today is between 141.75 and 143.60.
#95 - February 06, 2023, 08:24:53 AM

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EURUSD Heads Towards the Second Target

The EURUSD pair broke 1.0830 level strongly to open the way to achieve more decline on the intraday basis, targeting testing 1.0745 as a next negative station, to keep the bearish bias dominant in the upcoming sessions.

2023 Market Forecast by Solid ECN in Technical_eurusd_2

It is important to monitor the price when reaching the suggested target, as breaking it will push the price to achieve more decline that its next target reaches 1.0635, taking into consideration that breaching 1.0865 will stop the current negative pressure and lead the price to regain the main bullish trend again.

The expected trading range for today is between 1.0695 support and 1.0865 resistance.
#96 - February 06, 2023, 10:14:24 AM

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Nasdaq 100 - American stock market is preparing for a reversal

One of the leading US indexes Nasdaq 100 shows corrective dynamics, being at around 12500.0, reversing downwards amid disappointing financial results of large companies. The situation cannot be changed even by the strengthening of the positions of the American currency, supported by data on an increase in the Nonfarm Payrolls by 517.0 thousand jobs with an expected growth of only 190.0 thousand.

The largest online retailer Amazon.com Inc. reported close-to-loss quarterly earnings per share of just 0.03 dollars, worse than the 0.17 dollars forecast. At the same time, the company increased its revenue from 127.1 billion dollars to 149.2 billion dollars. Technology giant Apple Inc. posted earnings per share of 1.88 dollars, lower than the expected 1.94 dollars, and revenue of 117.2 billion dollars versus a forecast of 121.88 billion dollars. In turn, Alphabet Inc. reported revenue of 76.05 billion dollars versus a forecast of 76.07 billion dollars and earnings per share of 1.05 dollars, down from the previous quarter's figure of 1.06 dollars.

2023 Market Forecast by Solid ECN in Technical_nq

On the daily chart, the index quotes are correcting as part of the global Expanding Formation pattern, approaching the resistance line. Technical indicators are holding a buy signal, which is about to start weakening.

Support levels: 12200, 11400 | Resistance levels: 12800, 13600
#97 - February 06, 2023, 11:32:16 AM

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XAUUSD - Global demand for gold remains at a record high

Yesterday, gold quotes recorded the most significant drop since last June, dropping by 90.0 dollars from 1950.0 to Friday's low at 1860.0, the key driver of which was the growth of the US dollar from 101.500 to 102.900 in the USD Index against the background of a strong report on the US labor market. Investors perceived the movement as a local correction, which will not receive a serious continuation since the fundamental global background does not contribute to the decline in the asset: according to the report for 2022, global demand for gold amounted to 4.741K tons, which is an absolute record since 2011. Most of the positive momentum came from central banks' purchases, which mostly wished to remain anonymous. According to experts, regulators thus hope to protect themselves from possible sanctions, providing strong support for national economies.

2023 Market Forecast by Solid ECN in Technical_gold

On the daily chart, the trading instrument is correcting, keeping around the support line of the rising corridor. Technical indicators weaken the buy signal.

Resistance levels: 1900, 1960 | Support levels: 1860, 1800
#98 - February 06, 2023, 02:32:44 PM

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EURUSD Heads Towards the Second Target

The EURUSD pair broke 1.0830 level strongly to open the way to achieve more decline on the intraday basis, targeting testing 1.0745 as a next negative station, to keep the bearish bias dominant in the upcoming sessions.

2023 Market Forecast by Solid ECN in Technical_eurusd_2

It is important to monitor the price when reaching the suggested target, as breaking it will push the price to achieve more decline that its next target reaches 1.0635, taking into consideration that breaching 1.0865 will stop the current negative pressure and lead the price to regain the main bullish trend again.

The expected trading range for today is between 1.0695 support and 1.0865 resistance.
#99 - February 06, 2023, 04:33:12 PM

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GBPUSD Crawls Downwards

The GBPUSD pair approach 1.2000 barrier, showing tight sideways trades now, noticing that stochastic loses its positive momentum gradually, waiting to motivate the price to resume the bearish bias that targets testing 1.1940 level as a next station.

2023 Market Forecast by Solid ECN in Technical_gbpusd_2

Therefore, the bearish trend scenario will remain valid and active conditioned by the price stability below 1.2115. The expected trading range for today is between 1.1950 support and 1.2100 resistance.
#100 - February 07, 2023, 10:08:52 AM

(HubuFX)

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NZDUSD Faces Solid Support

The NZDUSD pair found solid support at 0.6290, to show some slight bullish bias and begins attempts to build bullish wave, but it loses the positive momentum clearly, which might force the price to decline again and attack the mentioned level in attempt to achieve more bearish correction.

2023 Market Forecast by Solid ECN in Technical_nzdusd_1

Therefore, we prefer to stay aside until we get clearer signal for the next trend, noting that breaking the mentioned support will push the price to head towards 0.6210 followed by 0.6140 levels as next negative targets, while breaching 0.6365 represents positive factor that will lead the price to recover and achieve gains that start at 0.6445. The expected trading range for today is between 0.6260 support and 0.6380 resistance.
#101 - February 07, 2023, 12:20:14 PM

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ETHUSD - Murray analysis

The ETHUSD pair has been trading within the upward trend since the beginning of this year, however, growth has slowed down in the last three weeks, and quotes have entered the sideways range of 1687.5 - 1562.50 (Murray levels [7/8]-[6/8]), where they are now.

2023 Market Forecast by Solid ECN in Technical_eth

Currently, the price is trying to resume growth from the middle line of the Bollinger Bands (1625) and, if consolidated above the upper limit of the specified range, it will be able to rise to 1750 (Murray level [8/8]) and 1875 (Murray level [+2/8]). In general, the uptrend in the pair is still maintained, which is signaled by the upward reversal of the Bollinger Bands and the stabilization of the MACD histogram in the positive zone. A downward reversal of the Stochastic allows a breakdown of the middle line of the Bollinger bands and a pullback of the price to the area of 1562.5 (Murray level [5/8], the lower line of the Bollinger Bands), however, in this case, an upward reversal is more likely than further development of the downward movement.   

Resistance levels: 1687.5, 1750, 1875 | Support levels: 1562.5, 1500, 1375, 1250
#102 - February 07, 2023, 12:40:40 PM

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General Electric - Growth after the publication of the quarterly report

According to the quarterly report, adjusted earnings per share increased by 51.0% compared to last year and amounted to 1.24 dollars. Revenue also significantly exceeded expectations and reached 21.79B dollars, adding 7.0% to last year's figure. Free cash flow also showed upward dynamics, increasing by 16.0% to 4.29B dollars. The company expects significant results from the aerospace division against the background of the restoration of air transportation due to the lifting of quarantine restrictions in the main directions. So, in General Electric Co. the revenue of the division is expected to grow by 19.0%, and the operating profit indicator may reach up to 5.5B dollars.

2023 Market Forecast by Solid ECN in Technical_ge

On the daily chart, the asset continues to correct in the local ascending channel, being near the resistance line.

Support levels: 79, 71.2 | Resistance levels: 84, 93
#103 - February 07, 2023, 02:37:21 PM

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Crude Oil - Global oil supply holds stable levels

The market remains stable, and more and more experts agree that the sanctions imposed by Western countries to limit the export of Russian oil do not bring the expected result. Yesterday, Bloomberg published an article reporting another record of weekly marine fuel supplies from Russia: by February 3, their daily volume increased by 125 K barrels to 3.456M barrels, and China, India and Turkey were the main buyers, the total volume for which amounted to 3.29M barrels. However, transportation through pipelines continues to decline, and in January the figure for Germany and Poland fell to 120K barrels per day. Yesterday it became known that Japan joined the sanctions policy of the G7 and European countries aimed at setting the price limit for Russian oil products transported by sea in the amount of 100 dollars per barrel and 40 dollars per barrel, depending on the category. The restrictions came into effect on February 6 but the limit, as noted, will be reviewed every two months, depending on the market situation.

2023 Market Forecast by Solid ECN in Technical_oil

On the daily chart, the trading instrument is moving within the global downwards corridor, gradually approaching the support line around 70.00.

Resistance levels: 83.3, 89 | Support levels: 79.6, 74
#104 - February 07, 2023, 04:05:23 PM

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USDCHF Crawls Upwards

The USDCHF pair shows calm positive trades to gradually approach our waited target at 0.9315, to keep the bullish trend scenario valid and active as long as 0.9220 level remains intact.

2023 Market Forecast by Solid ECN in Technical_usdchf_2

Note that breaching the targeted level will extend the bullish wave to reach 0.9475 areas on the near term basis, while breaking 0.9220 represents negative factor that will push the price to the main bearish track again.

The expected trading range for today is between 0.9200 support and 0.9360 resistance.
#105 - February 07, 2023, 06:32:55 PM
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