Daily Market Analysis by Solid ECN | *Video*

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GBPUSD market update by Solid ECN

The market is waiting for the decision of the Bank of England

Current trend

The British pound is trading with a downtrend against the US currency during the morning session, retreating from the local highs of January 21, updated the day before.

Traders are in a hurry to fix their profits before today's publication of the decision of the Bank of England on the interest rate. Analysts' current forecasts suggest that the British regulator may raise the rate by 25 basis points to 0.5%, and the decision can be taken almost unanimously.

The UK economy is showing a fairly active recovery, and also did not undergo a noticeable weakening in Q4 2021 due to decisive actions by the government, which abandoned the practice of severe restrictions against the backdrop of the coronavirus pandemic. In addition, while the US Federal Reserve is only preparing for a possible rate hike in March, the Bank of England is already proactive. At the same time, further prospects for tightening monetary policy by the British regulator are not entirely clear.

Resistance levels: 1.36, 1.365, 1.37, 1.375.

Support levels: 1.3550, 1.35, 1.346, 1.3435.

#46 - February 03, 2022, 07:35:38 AM

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Silver market update by Solid ECN

The metal prices are consolidating

Current trend

Silver prices show a mixed trend, hovering around 22.50. Market activity remains subdued as traders expect new price drivers to emerge. Today the European Central Bank (ECB) and the Bank of England will release their interest rate meeting minutes. At the moment, the ECB is not expected to make any changes in the vector of monetary policy, but the British regulator is likely to raise interest rates by 25 basis points.

Resistance levels: 22.7, 23, 23.37, 23.6.

Support levels: 22.4, 22, 21.39, 21.

#47 - February 03, 2022, 08:14:31 AM

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EURUSD Technical and fundamentals by Solid ECN

The dynamics of the pair will be determined by the results of the ECB meeting

Current trend

This week, the European currency has been gaining in value and is currently trading around 1.13.

Earlier, positive dynamics was supported by data on inflation in the euro area and employment statistics in the USA, which, according to ADP, decreased by 301K in January instead of the expected growth of 207K (this reduction was the first in more than a year).

The pandemic caused by the COVID-19 Omicron strain has put serious pressure on all sectors of the economy, but, above all, on the hotel and tourism

Meanwhile, January inflation in the eurozone rose again. In addition, the Ukrainian crisis may affect the decision-making. In case of its negative development, there will be a threat of interruptions in energy supplies to the EU, and in these conditions it is impractical to reduce economic incentives. Thus, now the market is waiting for the outcome of the ECB meeting, not counting on serious actions by the regulator.

Resistance levels: 1.132, 1.141, 1.1475.

Support levels: 1.123, 1.1145, 1.099.

#48 - February 03, 2022, 11:19:48 AM

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Meta Platforms Inc
Trading within the global sideways channel

The stocks of Meta Platforms Inc., which owns the largest social network in the world, move within a corrective trend, trading around $322 per share.

Yesterday, the company released its fourth-quarter and full-year 2021 financial results, which met ambiguous reactions from investors. Total revenue for the quarter was $33.671B, up 20% from $28.072B a year earlier.

Thus, despite the growth in income indicators, the most important parameters of revenue and EPS were worse than expected, which could lead to a significant drop in the company's shares today.

The price moves within a global sideways channel, falling within the local trend. Technical indicators keep a sell signal. Fast EMAs of the Alligator indicator are below the signal line, while the histogram of the AO oscillator remains in the sell zone.

Resistance levels: 337, 357.
Support levels: 310, 260.

#49 - February 03, 2022, 02:59:38 PM

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EURUSD

The euro updates local highs

The day before, the single currency showed its most active growth over the past few months, reacting positively to the results of the meeting of the European Central Bank (ECB) on monetary policy. As expected, the regulator left the interest rate at 0% and the deposit rate was kept at -0.5%. Investors expect the program to end completely by the end of March. However, the ECB intends to reinvest proceeds from redeemable bonds under the PEPP until at least the end of 2024.

At the follow-up press conference, ECB President Christine Lagarde also focused on inflationary risks that are pushing officials towards a more "hawkish" stance. However, the regulator still expects that consumer price growth will slow down to the target level of 2% by the end of the year, and therefore the issue of raising the rate is not on the agenda.

Support and resistance

Resistance levels: 1.15, 1.1534, 1.1572, 1.16.

Support levels: 1.1433, 1.14, 1.1363, 1.13.

#50 - February 04, 2022, 07:18:22 AM

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NZDUSD

Rising amid strong demand for risky assets

The macroeconomic statistics from the USA, published on Thursday, were ambiguous. Thus, Initial Jobless Claims for the week of January 28 decreased from 261K to 238K, better than market forecasts of a fall to 245K. Markit Service PMI was also positive, rising from 50.9 to 51.2 points for January, exceeding the neutral forecasts. In turn, ISM Service PMI for the same period fell from 62.3 to 59.9 points, which was slightly better than investors' expectations of 59.5 points. Traders were also disappointed by the volume of industrial orders, which fell by 0.4% for December after rising by 1.8% in the previous period. Analysts had expected a decline of 0.2%.

On the daily chart, Bollinger Bands are steadily declining. The price range is narrowing from below, reflecting the emergence of flat trading dynamics in the short term. The MACD indicator grows, keeping a strong buy signal (the histogram is above the signal line). Stochastic shows similar dynamics, approaching its highs, which indicates that NZD may become overbought in the ultra-short term.

Resistance levels: 0.67, 0.6732, 0.6761, 0.68.

Support levels: 0.665, 0.66, 0.6528, 0.60.

#51 - February 04, 2022, 09:07:03 AM

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Gold market update by Solid ECN Securities

Trading participants reduce positions in gold

The development of the global sideways range of 1850?1730 in the gold continues, and the quotes are once again holding slightly above the key level of $1,800 per ounce.

There are no serious prerequisites for the growth of the asset yet, but there are not so many pressure factors either. The situation may change only in March during the meeting of the US Federal Reserve when the regulator's decision to raise the interest rate will be announced. To this point, traders should focus on the US dollar index and investment demand. Currently, the USD Index consolidates at the level of 95.5 after one of the most dynamic falls in recent years, which led to the current upward correction in gold. However, the observed dynamics have little prospects for further development in light of Friday's positive employment report in the US.

Support and resistance

On the daily chart, the price moves within the global sideways channel, correcting towards the resistance line. Technical indicators maintain a sell signal.

Fast EMAs on the Alligator indicator are below the signal line, and the AO oscillator histogram has moved into the sell zone and is forming local rising bars.

Resistance levels: 1830, 1870.

Support levels: 1790, 1720.

#52 - February 07, 2022, 10:03:59 AM

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BTCUSD Technical Analysis by Solid ECN Securities

Current trend

The BTCUSD pair attempted to rise last week and is currently testing the level of 42000 (Fibonacci retracement 38.2%), but for the ?bullish? momentum to develop, the quotes will have to break the resistance zone of 42000?43750. In this case, the trading instrument may reach the level of 50000.

The key ?bearish? level is the middle line of Bollinger bands around 38500. The consolidation below it allows a decrease to the levels of 34375 and 31250. In general, despite the correction, the downside potential does not look exhausted, which is confirmed by technical indicators.

Bollinger bands are directed downwards, and Stochastic has entered the overbought zone, which may mean the end of the corrective growth.

Resistance levels: 42000, 43750, 46875, 50000.

Support levels: 38500, 34375, 31250.

#53 - February 07, 2022, 11:31:48 AM

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USDCAD market update by Solid ECN Securities

The pair is testing 1.2700 for a breakout

Current trend

The US dollar demonstrates active growth in pair with the Canadian currency during the trading in Asia, once again testing the level of 1.27 for a breakout.

The US currency received short-term support on Friday after the publication of a strong report on the labor market for January, which turned out to be much better than investors' forecasts. Strong data reinforced the belief of market participants that the US Fed may act more aggressively in choosing the vector of monetary policy. In particular, it is possible that at the March meeting of the regulator, the rate will be raised immediately by 50 basis points.

In turn, the Canadian report on the labor market, also released last Friday, was extremely disappointing.

Resistance levels: 1.27, 1.275, 1.2786, 1.2812.

Support levels: 1.265, 1.26, 1.2558, 1.25.

#54 - February 08, 2022, 09:41:43 AM

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EURUSD Market Analysis by Solid ECN Securities

Recovery attempts after a "bearish" start to the week

The European currency shows weak growth against the US dollar during the Asian trading session, trying to recover from the "bearish" start of the week. The instrument is testing 1.1430 for a breakout, waiting for additional growth drivers to appear.

Meanwhile, macroeconomic statistics from Europe, released at the beginning of the week, does not provide any support to the single currency. In particular, on Monday, investors were disappointed by the data from Germany.

The instrument was also influenced by the results of the speech of the head of the European Central Bank (ECB), Christine Lagarde. The official again noted that inflation in the region does not yet threaten economic stability, and therefore does not require an immediate response in the form of tightening monetary policy. So far, the European regulator is following the path of the US Federal Reserve, which for quite a long time refused to recognize systemic inflationary risks, preferring to call the rapid rise in prices only a temporary phenomenon.

Conclusion & signal

> The economic data is against the Euro.

> The pair roams in the ichimoko cloud.

> The pair broke the trendline and the level 23.6 of the Fibonacci level

> Sideway warket for the day.

sell area ~ 1.151 | Target ~1.135

#55 - February 09, 2022, 09:15:58 AM

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XAUUSD by Solid ECN Securities

Gold renews local highs

During the Asian session, gold prices are rising moderately, developing the "bullish" momentum since the beginning of the month and recovering from a sharp decline at the end of January. Supported by relatively poor positions in the American currency, the instrument approached testing the level of 1830 for a breakout upwards. Also, the "bulls" on the dollar are waiting for the data on consumer inflation in the US for January, hoping that they will become another signal in favor of a faster tightening of monetary policy by the US Federal Reserve. In turn, a further increase in gold quotes is hindered by a noticeable increase in the yield of treasury bonds both in the US and in Europe.

The US macroeconomic statistics released yesterday did not provide any noticeable support to the dollar. Thus, the business optimism index from the NFIB for January fell from 98.9 to 97.1 points. The index of economic optimism from IBD/TIPP retreated from 44.7 to 44.0 points in February, while the forecasts suggested that the indicator would increase to 47.2 points.

Support and resistance

Resistance levels: 1831, 1840, 1847, 1853.

Support levels: 1823, 1814, 1805.5, 1800.

#56 - February 09, 2022, 09:44:19 AM

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GBPUSD by Solid ECN Securities

The market is waiting for US inflation data

Current trend

The GBPUSD pair is trading around 1.355, waiting for new serious drivers for the movement, which may appear on Thursday after the publication of January inflation data in the USA and comments by the head of the Bank of England Andrew Bailey.

Investors expect the official to hint at further actions of the regulator in relation to the current price increase, exerting increasing pressure on local households. It should be noted that the National Institute of Economic and Social Research of Great Britain (NIESR) has recognized that the cycle of rate increases in the country does not keep pace with the rate of inflation, and the government should support the actions of the Bank of England by postponing tax increases and expanding public spending. Also, the strengthening of the pound's position is hindered by the situation around Prime Minister Boris Johnson, whose resignation is still likely.

Resistance levels: 1.361, 1.3732, 1.3793.

Support levels: 1.3488, 1.3366, 1.33.

#57 - February 09, 2022, 01:53:56 PM

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NZDUSD market insights by Solid ECN Securities

The pair is consolidation at local highs

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The New Zealand dollar traded flat against the US dollar during the Asian session, holding near 0.668. The day before, NZDUSD showed active growth, updating local highs from January 26, in response to a general improvement in market sentiment.

In addition, the US currency remains under pressure ahead of today's publication of statistics on consumer inflation, as well as the monthly report on the state of the US budget for January. The market expects confirmation of a moderate increase in price pressure in the country, which will become an additional argument for the US Federal Reserve to tighten monetary policy. The start of the interest rate hike cycle is expected in March, but now the main question is how much the rate will be adjusted.

Tomorrow, investors will be focused on a block of statistics from New Zealand. In particular, traders expect January statistics on Electronic Card Retail Sales, as well as Business NZ PMI. The index is projected to moderately increase from 53.7 to 55.3 points.

Resistance levels: 0.67, 0.6732, 0.6761, 0.68.

Support levels: 0.665, 0.66, 0.6528, 0.65.

#58 - February 10, 2022, 08:38:32 AM

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USDJPY insights by Solid ECN Securities

The market is waiting for US inflation data

During the Asian session, the USDJPY pair shows moderate growth, holding near local highs, renewed yesterday. The instrument is testing the level of 115.6 for a breakout, waiting for additional drivers to move.

Today, the focus of American investors is the January statistics on consumer inflation. It is expected that the price pressure in the US will continue to rise moderately and renew the previous 40-year highs. It will be an additional argument in favor of a more rapid tightening of the US Federal Reserve's monetary policy, which counts on launching a rate hike cycle in March.

Resistance levels: 115.67, 116, 116.34, 117.

Support levels: 115, 114.5, 114, 113.5.

#59 - February 10, 2022, 09:58:04 AM

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AUDUSD market insights by Solid ECN Securities

Australia's economy is recovering steadily

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The Australian currency demonstrates relative stability against the background of the neutrality of the US dollar, currently forming a local uptrend and trading around 0.7172.

Macroeconomic statistics coming from Australia indicate that the country's economy continues to recover from the effects of the coronavirus pandemic confidently.The index of building permits issued for January added 8.2%, which coincided with preliminary market estimates and exceeded the December increase of 2.6%. Thus, the probability that the Australian dollar will end the trading week with positive dynamics is quite high.

The situation in the currency pair may seriously change today after the publication of inflation data in the US. Investors are closely watching the dynamics of consumer prices in light of the possible start of a cycle of interest rate hikes by the US Federal Reserve in March this year. According to analysts, the figure will rise to 7.3%, surpassing the December value of 7.0%. If the forecast is implemented, the probability of a rate increase will increase significantly, locally supporting the US dollar, which has been trading almost neutral since Monday.

On the global chart, the price moves within a long downtrend. Technical indicators are in the state of a sell signal, which is already ready to change to an upward one: the EMA fluctuation range on the Alligator indicator is actively narrowing, and the AO histogram forms upward bars in the sell zone.

Resistance levels: 0.7227, 0.7415.

Support levels: 0.71, 0.698.

#60 - February 10, 2022, 11:21:02 AM