Currency Pairs Market Analysis

[Solid ECN]

EURUSD keeps its positive stability​

The EURUSD pair ended last Friday above 1.0515 level after the mixed trades that it witnessed in the previous sessions, starting today with new bullish bias to resume the main bullish trend, approaching our first waited target at 1.0600, waiting for more rise to visit 1.0750 as a next main target. Therefore, the bullish trend scenario will remain valid and active for the upcoming period, supported by the EMA50, noting that it is important to hold above 1.0515 to continue the expected rise.

The expected trading range for today is between 1.0500 support and 1.0680 resistance, and the expected trend for today is Bullish.​

 

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GBPUSD Technical Analysis

The GBPUSD pair shows some bearish bias now to move below 1.2300, to achieve some temporary bearish correction, waiting to get positive motive that assists to push the price to resume the expected bullish trend for today, which depends on the price stability above 1.2130, reminding you that our next main target reaches 1.2465.

The expected trading range for today is between 1.22 support and 1.24 resistance, and the expected trend for today is Bullish.​

 

[Solid ECN]

USDJPY suffers more losses​

The USDJPY pair succeeded to achieve our first extended target at 133.90 and settles near it now, and we suggest resuming the negative trades in the upcoming sessions supported by the negative pressure coming by the EMA50, reminding you that our next target is located at 132.75, which breaking it represents the key to head towards the previously recorded low at 131.72.

The expected trading range for today is between 133.10 support and 135.10 resistance, and the expected trend for today is Bearish.​

 

[Solid ECN]

EURUSD - Growth is possible.

On the daily chart, the downward wave of the higher level А ended, within which the fifth wave (5) of А formed, and the development of the upward wave B started. Now, the first entry wave 1 of (А) of B is developing, within which the third wave of the lower level iii of 1 is forming.

If the assumption is correct, the EURUSD pair will grow to the area of 1.0790 – 1.1196. In this scenario, critical stop loss level is 1.0280.

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[Solid ECN]

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 developing, within which the wave iii of 3 is ending.

If the assumption is correct, after the end of the local correction iv of 3, the GBPUSD pair will grow to the area of 1.259 – 1.29. In this scenario, critical stop loss level is 1.1899.

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[Solid ECN]

USDCAD Achieves Strong Gains

USDCAD pair traded with strong positivity yesterday to breach 1.3500 and settles near 1.3600 barrier, to head towards achieving more expected gains in the upcoming sessions, on its ways to visit 1.3680 as a next main target. The EMA50 supports the expected rise, which will remain valid as long as 1.3500 level remains intact.

The expected trading range for today is between 1.3500 support and 1.3670 resistance, and the expected trend for today is Bullish.​

 

[Solid ECN]

NZDUSD - the American currency received a growth impetus

Thus, the report of Statistics New Zealand (Stats.nz) recorded a smooth recovery of the national real estate market: Q3 construction activity in the residential sector increased by 3.1%, and non-residential – by 4.9%, as a result of which the overall indicator increased by 3.8%. Despite the positive dynamics, inflation continues to negatively affect the cost of building maintenance: Q3 cost of maintaining residential buildings increased by 3.0%, and non-residential – by 1.5%.

On the daily chart, the trading instrument moves above the resistance line of the downward channel, approaching it from above for reverse testing, and the technical indicators maintain a stable buy signal, ignoring a possible local correction.

Resistance levels: 0.64, 0.656 | Support levels: 0.6265, 0.61​

 

[Solid ECN]

USDCAD - Growth is possible.

On the daily chart, the upward fifth wave of the higher level 5 and the wave (3) of 5 develop. Now, the third wave of the lower level 3 of (3) has formed, a local correction has ended as the fourth wave 4 of (3), and the formation of the wave 5 of (5) has started, within which the wave i of 5 is developing.

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 1.3222.

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USDCHF - The price is in a correction and may grow.

On the daily chart, the upward first wave of the higher level (1) of 3 ended, and a downward correction ends as the second wave (2) of 3. Now, the formation of the wave C of (2) is ending.

If the assumption is correct, the USDCHF pair will grow to the area of 0.9900 – 1.0151. In this scenario, critical stop loss level is 0.9307.

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[Solid ECN]

EURUSD crawls downwards

The EURUSD pair trades with calm negativity to move away from 1.0515 level, to hint continuing the decline on the intraday basis, targeting visiting 1.0425 followed by 1.0285 after breaking the previous level. Therefore, the bearish bias will be suggested for today, noting that failing to break 1.0425 will lead the price to build bullish wave and attempt to resume the correctional bullish trend again.

The expected trading range for today is between 1.0360 support and 1.0520 resistance, and the expected trend for today is Bearish.​

 

[Solid ECN]

EURUSD crawls downwards

The EURUSD pair trades with calm negativity to move away from 1.0515 level, to hint continuing the decline on the intraday basis, targeting visiting 1.0425 followed by 1.0285 after breaking the previous level. Therefore, the bearish bias will be suggested for today, noting that failing to break 1.0425 will lead the price to build bullish wave and attempt to resume the correctional bullish trend again.

The expected trading range for today is between 1.0360 support and 1.0520 resistance, and the expected trend for today is Bearish.​

 

[Solid ECN]

AUDUSD - Growth is possible.

On the daily chart, the first wave of the higher level (1) formed, a downward correction ended as the second wave (2), and the third wave (3) develops, within which the first entry wave of the lower level i of 1 of (3) forms. Now, the wave (iii) of i and the wave v of (iii) are developing.

If the assumption is correct, the AUDUSD pair will grow to the area of 0.6916 – 0.7142. In this scenario, critical stop loss level is 0.6584.

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[Solid ECN]

NZDUSD - Growth is possible.

On the daily chart, the upward wave of the higher level (А) formed, a downward correction ended as the wave (B), and the wave (C) develops. Now, the first entry wave of the lower level i of 1 of (C) is forming, within which the wave (iii) of i has formed, and a local correction is developing as the wave (iv) of i.

If the assumption is correct, the NZDUSD pair will grow to the area of 0.6500 – 0.6600. In this scenario, critical stop loss level is 0.6149.

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[Solid ECN]

EURUSD - The EU economy shows slight growth

Thus, according to November data, the growth of Q3 gross domestic product (GDP) amounted to 0.3%, which exceeded analysts' expectations of 0.2%, and the annual rate slowed to 2.3% from 4.2% earlier, according to preliminary estimates at 2.1%, helped by an increase in employment by 0.3% from an estimated 0.2%. Thus, employment in the region increases by 1.8% YoY and leads to an increase in the overall level of the indicator to 164.499K from 164.475K a quarter earlier.

On the daily chart, the trading instrument continues its corrective growth and is confidently holding above the resistance line of the local ascending corridor, and the technical indicators maintain a stable upward signal.

Resistance levels: 1.0590, 1.0780 | Support levels: 1.0440, 1.0240​

 

[Solid ECN]

EURUSD - Growth is possible.

On the daily chart, the downward wave of the higher level А ended, within which the fifth wave (5) of А formed, and the development of the upward wave B started. Now, the first entry wave 1 of (А) of B is forming, within which the third wave of the lower level iii of 1 is developing.

If the assumption is correct, the EURUSD pair will grow to the area of 1.0790–1.1196. In this scenario, critical stop loss level is 1.0280.

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[Solid ECN]

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, and a local correction is forming as the wave iv of 3.

If the assumption is correct, the GBPUSD pair will grow to the area of 1.2590 – 1.2900. In this scenario, critical stop loss level is 1.1899.

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[Solid ECN]

NZDUSD leans on the channel’s support

The NZDUSD pair faced temporary negative pressure to test the bullish channel’s support line, starting to rise now, to keep the main bullish trend valid, waiting to test 0.6467 as a first station, noting that breaching this level will extend the bullish wave to reach 0.6530. Therefore, we will continue to suggest the bullish trend for the upcoming period conditioned by the price stability above 0.6375 and 0.6345 levels.

The expected trading range for today is between 0.6345 support and 0.6480 resistance, and the expected trend for today is Bullish.​

 

[Solid ECN]

USDCAD tests the resistance

The USDCAD pair traded positively on last Friday to test the key resistance 1.3680, keeping its stability below it until now, to keep the bearish trend scenario valid for the upcoming period, supported by stochastic loss to the positive momentum, waiting to head towards 1.3500 mainly. On the other hand, we should note that breaching 1.3680 will push the price to turn to rise and achieve gains that start at 1.38.

The expected trading range for today is between 1.3580 support and 1.3720 resistance, and the expected trend for today is Bearish.​

 

[Solid ECN]

Chart of the day - NATGAS

Beginning of the week on the markets has been rather calm so far. Indices from Asia-Pacific moved lower but scale of declines was moderate. Similar picture can be seen at the beginning of the European cash session. However, there is one market that is seeing extraordinary moves and this is US natural gas (NATGAS). NATGAS launched a new week with a massive bullish price gap and is now trading almost 9%, after trimming some gains. New forecasts pointing to colder weather in the United States in the days ahead are to blame. Price tested 7 resistance zone, marked with 61.8% retracement of the recent major downward move, at the start of trading but has failed to break above. A lot will now depend on whether bulls make another attempt and whether they succeed. A break above would brighten the outlook for buyers and could herald a move towards recent highs. On the other hand, it should be noted that 7 is a good technical spot for reversal and move back towards price zone ranging between 6.30 mark and 38.2% retracement.

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[Solid ECN]

USDCHF attempts positively

The USDCHF pair trades positively by today’s open to attempt to breach 0.9355 level, but we will depend on the last daily close below this level to keep our bearish overview, which targets 0.93 followed by 0.9240 levels as next main stations. Stochastic loses its positive momentum clearly to support the expected decline, besides the negative pressure formed by the EMA50, taking into consideration that consolidating above 0.9355 will stop the negative scenario and lead the price to start new recovery attempts.

The expected trading range for today is between 0.9280 support and 0.9420 resistance, and the expected trend for today is Bearish.​