official Market Update by Solidecn.com

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EURUSD resumes the rise

The EURUSD pair’s rise stopped near 1.0100 level, to show tight fluctuation in attempt to gain some new positive momentum, waiting to resume the bullish wave that targets 1.0180 as a next station.

 

 

Until now, the bullish trend scenario still valid for the upcoming period as long as 1 level remains intact, noting that the EMA50 continues to support the suggested bullish wave, which its targets extend to reach 1.0285 after surpassing the above mentioned level.

 

The expected trading range for today is between 1.0000 support and 1.0170 resistance, and the expected trend for today is Bullish.

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NZDUSD Achieves more Gains

The NZDUSD pair achieved our first positive target at 0.6 and bounced downwards temporarily from there, to attempt to gather the positive momentum, waiting to resume the bullish wave that targets 0.61 level as a next main station.

 

 

The EMA50 continues to support the price from below, to keep the bullish trend scenario valid and active conditioned by the price stability above 0.591. The expected trading range for today is between 0.591 support and 0.602 resistance, and the expected trend for today is Bullish.

 

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USDJPY surpasses the first target

The USDJPY pair resumed its negative trading clearly to surpass our first target at 146.00 and settles below it, confirming the continuation of the bearish trend domination, and the way is open to head towards our next negative target at 144.2. Therefore, we are waiting for more expected decline in the upcoming sessions, organized inside the correctional bearish channel that appears on the chart, noting that holding below 147.17 is important to continue the bearish trend.

The expected trading range for today is between 144.40 support and 146 resistance, and the expected trend for today is Bearish. 
 

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CAC 40 - French stock market continues to rise

One of the leading indexes of the European economy CAC 40 continues its upward correction in the area of 6418, which was supported by yesterday's macroeconomic report: according to September data, French Exports rose to 52illion euros from 51.88 billion euros in August, while Imports rose to 69.5 billion euros from 67.1 billion euros.

On the daily chart of the asset, quotes continue to trade within the descending corridor, approaching the resistance line.

Support levels: 6330, 6030 | Resistance levels: 6550, 6830
 

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EURUSD tests the support

The EURUSD pair traded negatively on yesterday’s evening to test the key support 1.0, keeping its stability above it, accompanied by witnessing clear positive signals through stochastic now, while the EMA50 continues to provide the positive support to the price. Therefore, these factors encourage us to keep our bullish overview that its next target located at 1.0185, noting that breaking 1.0 will stop the positive scenario and press on the price to turn to decline.

The expected trading range for today is between 0.9950 support and 1.0120 resistance, and the expected trend for today is Bullish. 

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GBPUSD Under the Negative Pressure

The GBPUSD pair faced strong negative pressure yesterday, as it broke 1.1510 level and decline to reach 23.6% Fibonacci level at 1.1326 direct, noticing that the price begins to rebound bullishly by today’s open, to hint heading to recover again and regain the bullish trend. Therefore, we suggest witnessing positive trades in the upcoming sessions, supported by the positive overlapping signal provided by stochastic, noting that breaking 1.1326 will press on the price to suffer new losses and head towards the next correctional level at 1.1130.

The expected trading range for today is between 1.1320 support and 1.1500 resistance, and the expected trend for today is Bullish. 
 

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USDCAD - Markets await final US election results

Analysts believe that the leading macroeconomic indicators in Canada are not improving fast enough: for example, yesterday, the Minister of Finance Chrystia Freeland said that households could alleviate the burden of high inflation for themselves if they refuse paid subscription to streaming television services, which caused outrage in the expert community. The greatest growth in recent months has been shown by food inflation, which reached a 41-year high of 18.0%, and it is unlikely that it will be possible to solve this problem by reducing the personal spending of households.

 

 

On the daily chart of the asset, the trading instrument continues to implement the Head and shoulders reversal pattern.

 

Resistance levels: 1.36, 1.38 | Support levels: 1.3426, 1.322

 

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S&P 500 - Local corrective trend continues

The American market significantly slowed down the dynamics in anticipation of the results of the Midterm elections to the US Congress, as well as data on inflation. The S&P 500 is currently correcting, trading at 3759.

Based on the interim results of the voting, it is quite likely that different parties will control the Senate and the House of Representatives, which will create a so-called "political impasse". This may mean that the adoption of new legislative initiatives will be difficult, and, therefore, the likelihood of the final adoption of a bill to raise corporate taxes may be reduced, which is a positive signal for the stock market.

The index quotes continued the local corrective trend, more and more clearly forming the Flag pattern on the daily chart.

Support levels: 3700, 3570 | Resistance levels: 3830, 4000
 

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EURUSD Hits the Target

The EURUSD pair succeeded to achieve our waited target at 1.0185 and attempts to breach it, to pave the way to continue the rise and head to visit 1.0285 as a next positive target. The EMA50 continues to support the price from below, to support the continuation of the bullish trend in the upcoming sessions, taking into consideration that failing to surpass 1.0185 will press on the price to rebound bearishly and head to test 1.0 areas before any new attempt to rise.

 

 

 The expected trading range for today is between 1.0100 support and 1.0285 resistance.

 

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NZDUSD rises strongly

The NZDUSD pair bounced upwards sharply to breach 0.5910 level and reach the bullish channel’s resistance that appears on the chart, to open the way to resume the bullish trend within the mentioned channel, targeting 0.6055 followed by 0.6100 levels as next positive stations. Therefore, we expect to witness more rise in the upcoming sessions conditioned by the price stability above 0.5910.

The expected trading range for today is between 0.5950 support and 0.6070 resistance.

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GBPUSD Awaits more Rise

The GBPUSD pair provides strong positive trades to achieve our waited target at 1.18, waiting for new rises to achieve additional gains that start by visiting 1.1920 and reach 1.2 barrier, as the price returned to the bullish channel that appears on the chart, which supports the chances of continuing the bullish trend on the intraday and short term basis.

 

 

On the other hand, the EMA50 provides good support to the price, to keep our bullish overview conditioned by the price stability above 1.1645. The expected trading range for today is between 1.1720 support and 1.1900 resistance.

 

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EURUSD Technical Analysis

The EURUSD pair resumes its positive trading after testing 1.0300 barrier this morning, to keep the bullish trend scenario active for today, waiting to get positive motive that assists to push the price to achieve our next main target that reaches 1.0515, reminding you that the continuation of the bullish wave requires holding above 1.0285.

 

 

The expected trading range for today is between 1.0260 support and 1.0430 resistance.

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AUDCAD Settles Above the Moving Average

The AUDCAD pair resumed its correctional bullish attack by breaching 0.8840 barrier recently, to settle above the moving average 55 and notice recording additional gains by reaching 0.8935, while stochastic additional positive momentum allows us to expect providing new bullish trades, to attempt to achieve new gains that might start at 0.9 and 0.9055.

 

 

The expected trading range for today is between 0.8880 and 0.9, and the expected trend for today is Bullish.

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DAX 40 - Low gas prices catalyze the growth of the German manufacturing sector

As of the end of yesterday's trading, 1.0 thousand cubic meters of "blue fuel" on the London Intercontinental Exchange (ICE) was traded at a price of 1.245 thousand dollars. The spot price for gas with a next day delivery is at around 0.716 thousand dollars per 1.0 thousand cubic meters, which cannot be compared with the spring peak prices of 3.8 thousand dollars. The main reasons for the decline in quotations are the high filling levels of European gas storage facilities, which are approaching 99%, as well as abnormally warm weather in the EU for the current time of the year.

On the daily chart of the asset, the price is trading above the resistance line of the descending channel, actively rising and reaching the highs of this spring.

Support levels: 13962, 13262 | Resistance levels: 14631, 15541
 

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NZDUSD Technical Analysis

The NZDUSD pair rallies upwards to move away from 0.6100 level and touch our first waited target at 0.6160, waiting for more rise to visit 0.6200 that represents our next positive station, to keep the bullish trend scenario active for today conditioned by the price stability above 0.6100.

 

 

The expected trading range for today is between 0.6070 support and 0.6170 resistance, and the expected trend for today is Bullish.

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EURUSD Tests the Support Base

 

The EURUSD pair bounced downwards strongly after approaching our waited target at 1.0515, to test the key support base 1.0285 and keeps its stability above it, as it resumed its positive trading from there to settle around 1.0360 now. Therefore, the bullish trend scenario will remain valid and active for the upcoming period, supported by the EMA50 that carries the price from below, waiting to test 1.0515 mainly, noting that breaking 1.0285 will stop the expected rise and press on the price to turn to decline.

 

 

The expected trading range for today is between 1.0285 support and 1.0465 resistance, and the expected trend for today is Bullish.

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GBPUSD - In anticipation of British statistics on inflation

According to the report for September, the UK unemployment rate increased to 3.6% from 3.5% earlier, resulting in a loss of 52.0K jobs, more than the forecasted decrease of 25.0K, which, however, was offset by the dynamics of the average level of wages, which, excluding bonuses, rose by 5.7%, which is better than the positive dynamics of 5.5% a month earlier, and taking into account bonuses – by 6.0%, higher than the preliminary estimates of experts at 5.9%. Inflation statistics will be released today, and analysts expect the consumer price index to reach 10.7% from 10.1% last month, continuing global growth.

The trading instrument moves within the local ascending channel on the daily chart, approaching the resistance line.

Resistance levels: 1.199, 1.225 | Support levels: 1.173, 1.136
 

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USDCHF - Switzerland may return to neutral status soon

Also to the correction of the US dollar, the main driver of the downward dynamics of the trading instrument, experts call the readiness of the country's authorities to return to a full-fledged "neutral status." The Swiss economy is actively declining after the outbreak of a military conflict in Ukraine and joining the anti-Russian sanctions, which violated more than 200 years of neutrality of the country. Six months later, the energy crisis and rising inflation helped Swiss National Bank officials withdraw from the policy of negative rates, a serious blow to the reputation of the world's main financial haven. Yesterday, former People's Party (SVP) chairman Christopher Blocher announced the registration of the Pro Suisse Association initiative, which involves amending the Constitution to consolidate neutrality and prohibit political bodies from making decisions that contradict this principle as joining military or defense alliances. To submit the initiative to a national referendum, it is necessary to enlist the support of at least 100K citizens of the country by the spring of next year.

On the daily chart of the asset, the price has slowed down its active decline and is being corrected near the low at the end of summer.

Resistance levels: 0.9484, 0.96 | Support levels: 0.941, 0.93
 

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USDJPY Faced Strong Negative Pressure

The USDJPY pair faced strong negative pressures yesterday, as it broke 139.45 and reached 137.65 areas, but it bounced upwards quickly to settle above the first level, which keeps the bullish trend scenario active, waiting to head towards 141.80 as a main target. Therefore, we will continue to suggest the bullish trend for the upcoming period conditioned by the price stability above 139.45.

The expected trading range for today is between 139.50 support and 141.40 resistance, and the expected trend for today is Bullish. 
 

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GBPUSD Technical Analysis

The GBPUSD pair resumes its positive trading to surpass 1.1900 barrier, reinforcing the expectations of continuing the bullish trend for today, organized inside the main bullish trend, depending on the price stability above 1.1780, noting that our main waited targets begin at 1.2000 and extend to 1.2135.

The expected trading range for today is between 1.1780 support and 1.1975 resistance, the expected trend for today is Bullish.