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Unleash the Power of MetaTrader 5 with Solid ECN Web-Trader

Break free from the limitations of traditional trading platforms and embrace the freedom of Solid ECN Web-Trader, the MetaTrader 5 platform that lets you trade from anywhere, anytime, on any device.


Access the World of Financial Markets from Your Browser

With Solid ECN Web-Trader, you can seamlessly navigate the Forex, exchange, and futures markets, all from the comfort of your web browser. Whether you're on a Windows, Mac, or Linux system, you can access the full suite of MetaTrader 5 features, including advanced charting, technical analysis tools, and algorithmic trading capabilities.


Experience Unparalleled Convenience and Flexibility

Say goodbye to downloads and installations. Solid ECN Web-Trader eliminates the need for any software installations, allowing you to trade on the go from any device with an internet connection. Simply log in to your account and start analyzing markets and executing trades in a matter of clicks.


Safe and Secure Trading Experience

Rest assured that your trading experience with Solid ECN Web-Trader is secure and protected. We employ industry-leading encryption protocols to safeguard your sensitive information and transactions, ensuring peace of mind while you focus on your trading strategies.


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EURUSD Plunges: AO Divergence & Impact

The EURUSD currency pair experienced a sharp decline from 1.11394 in today's trading session, as previously hinted by the awesome oscillator's divergence.

Currently, the pair is testing the 23.6% Fibonacci level at 1.10403. Intriguingly, the RSI indicator is hovering near the median line and could dip below if selling pressure persists. The December 22 high at 1.1041 and the lower line of the bullish flag are jointly reinforcing the bullish trend. As long as the price stays above this level, the uptrend is likely to continue.

Conversely, a break below the bullish flag could signal further declines, with the next target being the 50% Fibonacci retracement level.

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Unlock Your Trading Potential with Solid ECN's Complimentary Market Analysis

Elevate your trading strategy with Solid ECN's expert market insights. Our seasoned team provides daily, professional market analysis, blending fundamental and technical perspectives, across six key platforms.

Get ahead of the curve by signing up for a demo account. Receive the latest market updates directly in your inbox, or stay connected with us on your preferred social networks.

Our in-depth analysis empowers our clients to trade more effectively, minimize losses, and effortlessly pinpoint precise entry and exit points.

Join the Solid ECN community today and transform the way you trade!

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Istanbul's Manufacturing PMI Sees Slight Rise in December 2023

Solid ECN – In December 2023, the Istanbul Chamber of Industry Turkey Manufacturing PMI slightly increased to 47.4 from 47.2 the previous month. This change indicates a minor improvement in the manufacturing sector's health. However, it still represents the sixth consecutive month of contraction. Tough market conditions, both domestically and internationally, caused a slowdown in new orders and decreased production.

In terms of prices, December saw another rise in input costs. This increase was driven by a weaker currency, higher wages, and increased raw material prices. Yet, the inflation rate slowed down for the fifth month in a row. On the other hand, output prices saw their sharpest increase since August.

Purchasing activities were reduced significantly, the most in four months. Consequently, input stock levels also dropped. Regarding employment, it remained stable in December, breaking a two-month trend of decline.

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AUDUSD - RBA's Cautious Approach in Rate Cut Scenario

The Australian dollar rose, reaching over $0.68. It's close to a five-and-a-half month high. This happened as people think the US Federal Reserve will lower interest rates soon, possibly in March. This expectation weakened the US dollar but helped other currencies.

Also, a report showed that China's manufacturing grew more than expected in December. This news influenced investors. In Australia, investors are looking at what the Reserve Bank of Australia (RBA) might do next. Experts think the RBA will be slower to reduce rates compared to other countries. This is because it didn't raise rates as much as others. So, any rate cuts might be smaller or happen later.

Inflation in Australia is sticking around longer than in other places. RBA Governor Michele Bullock mentioned that the inflation problem is mainly local and due to increased demand. The market believes the RBA won't cut rates until the end of 2024.

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2024 Starts with a Dip: U.S. Stock Futures Decline After Strong 2023

Solid ECN – As 2024 begins, U.S. stock futures are experiencing a slight decline, marking a pause following a robust 2023 that witnessed substantial double-digit growth across the three main indices. Currently, investors are diligently evaluating the economic landscape and monetary policy expectations, especially in anticipation of the forthcoming FOMC minutes and the crucial jobs report due later this week.

The S&P 500 futures have dropped by 0.5%, while the Dow Jones is facing a reduction of approximately 110 points, and the Nasdaq 100 is also on a downward trajectory, decreasing by 0.7%. In the realm of corporate news, Tesla has seen its stock dip by about 1% in premarket trading. Market participants are keenly waiting for the company's announcement of its annual production and delivery figures, set to be released later today.

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NZX 50 Dips Amid Global Market Jitters

Solid ECN – On Wednesday, the NZX 50 fell by 40.36 points, a 0.34% drop, ending at 11,730.14. This followed a slight downturn in US futures after a tough start to the year on Wall Street, especially in tech stocks. Ahead of key US job data and the nonfarm payrolls report, traders seemed less hopeful about interest rate cuts from the Federal Reserve.

Concerns grew as China's uncertain economic future cast a shadow, affecting its main trading partners like New Zealand. Recent data showed a decline in China's manufacturing for December, though some private surveys suggested a slight positive trend in the sector. The NZX 50 was impacted by sectors like manufacturing, transport, consumer services, and non-durables. Notably, Restaurant Brands NZ dropped 4.5%, Scales Corp. 2.9%, Auckland Intl. 2.7%, A2 Milk Co. 2.4%, and Meridian Energy Ltd. 1.8%.

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Why MetaTrader 5 is the Superior Choice for Traders

We've picked out the best trading platform for you: MetaTrader 5, the latest and most sophisticated option out there!

Why Choose MetaTrader 5?

MetaTrader 5 isn't just an updated version of MT4. While MT4 was designed for Forex trading, MT5 caters to trading CFDs, Stocks, and Futures. It's meant for those who have more trading experience. At Solid ECN, we discovered that many new and amateur traders are already using MT5. In fact, MT5 users have now outnumbered those on MT4!

Key Benefits

 

1. MT5 offers 21 time frames for analysis, compared to just 9 in MT4. This helps traders get a clearer picture of market trends.
2. MT5 has 6 types of pending orders, two more than MT4.
3. Unlike MT4, MT5 shows market depth directly in the chart.
4. MT5 comes with a built-in Economic calendar.
5. MT5 supports both hedging and netting, while MT4 only allows hedging.
6. With MT5, enjoy 38 technical indicators, 44 analytical objects, and unlimited charts.
7. MT5's partial order filling options are ideal for seasoned traders.
8. The strategy tester in MT5 is more advanced, using multi-threading, unlike MT4's single-threaded system.

MetaQuote, the company behind these platforms, is phasing out updates for MT4. So, we think MT5 is the smart choice!

What platform do you use for trading, and why? Share your thoughts in the comments!

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Kiwi Dollar Drops, RBNZ Rate Cuts Loom on Horizon

Recently, the New Zealand dollar has been struggling, staying below $0.628. This is the lowest it's been in about two weeks. The reason behind this is the US dollar's strong recovery, which has led investors to rethink their previous expectations of significant interest rate cuts by the Federal Reserve within the year.

Additionally, there's been a shift towards a more cautious approach in the market, resulting in a drop in both stocks and commodities. Contrarily, US Treasury yields have been on the rise. Within New Zealand, the market is anticipating four rate cuts from the Reserve Bank of New Zealand (RBNZ) this year, with the first one possibly happening as early as May. The RBNZ’s head recently acknowledged the unexpected downturn in recent growth figures, increasing speculation about an earlier cash rate cut. Back in November, the RBNZ held the cash rate at 5.5%, narrowly avoiding a rate hike.

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Yen Slides as Dollar Strengthens
Solid ECN – The Japanese yen has recently fallen to around 142 against the dollar, moving away from its five-month high. This change comes as the dollar gains strength and investors reduce their expectations for major interest rate cuts by the Federal Reserve this year. However, trading activity in Japan has been thin due to ongoing holiday celebrations.

At the same time, the country is dealing with the aftermath of a significant earthquake that hit its central region on New Year’s Day. Adding to the economic landscape, recent statements from Bank of Japan Governor Kazuo Ueda have sparked discussions about a potential shift away from Japan's negative interest rates policy. Last month, Ueda noted an increasing likelihood of Japan's economy emerging from its prolonged low-inflation state and reaching its inflation target. He mentioned that if the positive cycle of wages and prices strengthens enough to sustainably achieve the 2% inflation target, the Bank of Japan might consider altering its monetary policy.

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Swiss Franc's Shift: Balancing SNB and Fed Rate Outlooks

After reaching a 12-year peak of 0.841 on the last trading day of 2023, the Swiss franc has recently weakened to 0.85 against the USD. This shift occurred amid a recovery in the DXY index. Last year, the franc saw an 8.5% appreciation against the dollar, largely due to differing interest rate policies between the Swiss National Bank (SNB) and the Federal Reserve.

Recent dovish statements from Fed officials, coupled with new data indicating a slowdown in US inflation, have put pressure on the dollar. In Switzerland, despite a slowdown in inflation, the SNB has maintained a cautious stance, suggesting that higher interest rates are still necessary. Inflation in Switzerland was 1.4% in November. The central bank anticipates it will approach their 2% target by mid-2024. This forecast leads investors to believe that the SNB might delay rate cuts, especially compared to the Fed's timeline. The persistent high-interest rate expectations for the SNB also drove the franc to unprecedented levels against the Euro, the currency of its neighboring countries.

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Canadian Dollar Weakens, Awaits Key Labor Market Data
The Canadian dollar recently fell beyond 1.33 against the USD, moving away from its five-month high of 1.32 achieved on December 26th. This decline is largely due to a resurgence of the US dollar, disappointing domestic economic indicators, and a decrease in foreign currency inflows.

Canada's manufacturing sector experienced its most significant contraction since the 2020 pandemic downturn, posing challenges for the central bank's efforts to control inflation through tighter monetary policy. Additionally, the easing concerns over global oil demand have impacted foreign exchange inflows, negatively affecting the Canadian dollar's strength. Investors are now looking forward to the upcoming labor market data, expected on Friday, to gain insights into potential future directions for monetary policy.

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WTI Futures Drop Below $69.5, Market Weighs Supply and Risk

On Wednesday, WTI crude futures experienced a notable decline, dropping over 1.5% to reach a three-week low, falling below $69.5 per barrel. This downturn came on the heels of a 1.8% loss in the previous session, influenced by a broad selloff in risk assets. This selloff occurred despite rising tensions in the Middle East, which might typically bolster oil prices. As the new year began, the market's mood was cautious, with stocks and other risky assets facing downward pressure. This sentiment was further influenced by a rebound in the dollar and Treasury yields, as investors recalibrated their expectations for significant rate cuts from major central banks.

Contributing to the oil price drop is the increase in global supplies, especially from non-OPEC countries, combined with a shaky demand forecast. Additionally, traders are keeping a watchful eye on geopolitical events, particularly Iran's recent deployment of a warship in the Red Sea, seen as a challenge to US forces in this crucial trade corridor. Over the weekend, there was a confrontation when US Navy helicopters intercepted three Houthi boats that were attempting to hijack a container ship in the Red Sea, leading to casualties.

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The Balance of Gold in a Shifting Economic Landscape

Solid ECN – On Wednesday, gold prices stabilized above $2,060 an ounce, recovering from the previous session's fluctuating trends. This stability comes as investors eagerly await insights from the upcoming Federal Reserve policy meeting minutes, which are expected to shed light on future monetary policies. Despite reaching intraday highs, gold experienced a slight decline of 0.2% on Tuesday. This was attributed to a resurgence in the dollar's value and an increase in Treasury yields, leading investors to reconsider their expectations for interest rate reductions by major central banks within the year.

Currently, market predictions indicate about a 70% likelihood of the US central bank implementing a quarter-point rate cut in March, a decrease from the almost 90% probability previously anticipated. In addition, gold's value has found some support due to a combination of factors, including the sell-off in riskier assets and escalating geopolitical tensions in the Middle East.

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NZX 50’s Comeback: A Detailed Analysis

Solid ECN – On Thursday, the NZX 50 index made a comeback. It rose by 28.98 points or 0.25%, ending at 11,759.11. This was after a slow start with minor losses. The turnaround happened when a private report showed that service activities in China, a major trade partner, reached a five-month high in December.

Market players were optimistic. They hoped that Chinese authorities would shift from yuan stabilization to monetary easing. This came after the People’s Bank of China (PBoC) significantly weakened the currency fixing, the most in over six months. US futures also saw a slight increase, boosting market sentiment. Investors were still processing the latest Federal Reserve minutes, which hinted at potential rate cuts in 2024.

In company news, PaySauce, a fintech firm, reported a 23% annual increase in its recurring revenue for the fiscal quarter ending on December 31st. The day’s top performers included industrial services, consumer durables, and utilities sectors. In terms of individual stocks, Scales Corp. led the pack with a 3.0% jump. It was followed by Meridian Energy Ltd. (2.8%), Comvita NPV (2.6%), and Hallenstein Glassons Holdings (1.3%).

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Japanese Equities Dip: Nikkei 225 Hits Two-Week Low in Volatile Trade

Solid ECN – In Thursday's post-holiday trading session, the Nikkei 225 Index experienced a significant drop, initially plunging by 2.3% and finally closing 0.53% lower at 33,288. This marked a two-week low point for the index, as it aligned with the global market trend of substantial losses. The beginning of the new year brought with it a cautious approach from investors. Many opted to secure their gains and reduce their expectations regarding the magnitude of interest rate reductions by major central banks within the current year.

Japan faced additional internal turmoil. The country was struck by a devastating earthquake, resulting in the tragic loss of at least 65 lives. Further adding to the chaos was an incident at Tokyo's Haneda airport, involving a collision with Japan Airlines. This series of events put additional pressure on the stock market.

Technology sectors bore the brunt of the downturn, with notable companies like Tokyo Electron, SoftBank Group, Disco Corp, Lasertec, and Advantest witnessing steep declines in their stock values. These companies saw their shares fall by 5%, 3.9%, 3.9%, 5.3%, and 3.8% respectively. Other prominent companies in the index, such as Fast Retailing, Sony Group, and Shin-Etsu Chemical, also experienced notable drops in their share prices.

Technical Analysis

The JP225 Index, also known as the Nikkei, has recently experienced a rebound from the 32,689 mark. This particular point is in close proximity to the 38.2% Fibonacci retracement level.

At present, the index is undergoing a test of the lower band of what was previously a bullish flag pattern. The pivot point in this scenario is at the 33,423 mark. For the continuation of the bullish bias, it is imperative that buyers achieve a close above this pivot point. Should there be a failure to surpass the pivot, it would likely result in a decline in the index's price.

Under such circumstances, the initial target would be set at the 38.2% Fibonacci retracement level. Following this, the next level of support would be at the 50% Fibonacci retracement level.

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Canadian Dollar Dips Beyond 1.33 USD

The value of the Canadian dollar has recently decreased, now exceeding 1.33 against the US dollar. This decline follows a notable peak at 1.32 on December 26th, which was the highest in five months. Several factors contribute to this shift: a strengthening US dollar, underwhelming economic data within Canada, and a decrease in foreign currency coming into the country.

Particularly impactful was the manufacturing PMI in Canada, which saw its most significant reduction since the 2020 pandemic-induced downturn. This situation constrains the Central Bank of Canada's ability to implement strict policies to combat inflation. Additionally, a global reduction in oil demand is affecting the foreign exchange inflows, further weakening the Canadian dollar. Investors are now keenly anticipating the upcoming labor market data, set to be released on Friday, hoping it will shed light on the potential direction of future monetary policy.

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NZX 50's Slight Dip Amid Global Uncertainty

Solid ECN – Heading into 2024, New Zealand's NZX 50 saw a slight decline, ending at 11,748.49 on the last day of the week. This minor fall of 0.1% encapsulated the market's tepid response to international economic signals. Notably, Wall Street's sluggish beginning to the new year played a role in this downturn.

Furthermore, speculation is rife regarding potential shifts in US Federal Reserve interest rates, adding to the air of uncertainty. This, coupled with the anticipation of December's job report, has prompted a cautious approach from investors.

In New Zealand, there's a mixed sentiment among economists about the Reserve Bank of New Zealand's (RBNZ) future moves. While some predict a possible change in the cash rate by August, confidence in this forecast remains moderate. Shifting focus to China, New Zealand's key trading ally, Goldman Sachs anticipates that the People's Bank of China might lower the reserve requirement ratio twice in 2024, aiming to bolster the nation's economic rebound.

Specific sectors like consumer durables, energy minerals, and technology services contributed to the NZX 50's decline. Leading the downward trend were companies such as Infratil Ltd., Gentrack Group Ltd., Briscoe Group, and Property for Industry, all experiencing notable drops in their stock values.

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Crude Futures Steady Amidst Market Flux

On Friday, WTI crude futures maintained a steady position above $72 per barrel. This stability reflects a complex market situation where weakening demand in the United States contrasts with the impact of supply interruptions in Libya. Just the day before, oil prices experienced a notable drop of 2.3%, but later recovered slightly. This fluctuation was primarily influenced by recent US data revealing a surprising surge in gasoline reserves. Last week, gasoline stocks rose sharply by 10.9 million barrels, marking the most significant increase in over 30 years. Additionally, there was an unexpected rise in distillate inventories, which grew by 10.1 million barrels, far surpassing the anticipated increase of 400,000 barrels. Contrasting these increases, crude oil reserves saw a reduction of 5.5 million barrels.

At the same time, market attention remains focused on Libya, where ongoing protests have disrupted oil production at the Sharara and El-Feel fields. These fields are significant, contributing around 365,000 barrels of oil per day. In a separate development, Iran is grappling with a tragic event. Two explosions occurred during a ceremony honoring the late military leader Qassem Soleimani, resulting in almost 100 deaths and many injuries.

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Canadian Dollar Falls Beyond 1.33 USD Mark

Solid ECN – The value of the Canadian dollar has recently dropped, surpassing 1.33 against the US dollar. This decline comes after it had reached a five-month peak at 1.32 on December 26th. Several factors contribute to this shift, including a strengthening US dollar, lackluster economic reports within Canada, and a decrease in foreign currency coming into the country. A notable point of concern is Canada's manufacturing sector, which has experienced its most significant downturn since the 2020 pandemic crash.

This downturn poses challenges for the central bank's efforts to control inflation through tighter policies. Additionally, the Canadian dollar's strength is further weakened by a global reduction in oil demand, which traditionally supports the currency through foreign exchange. Investors are now focusing on the upcoming labor market report, set to be released on Friday, to gain insights into the potential directions of future monetary policy.

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