We review the most important levels for key financial instruments and probable scenarios for the development of events.
Key topics
- Euro (EURUSD)
- Swiss Franc (USDCHF)
- Japanese Yen (USDJPY)
- Canadian Dollar (USDCAD)
- Australian Dollar (AUDUSD)
- Bitcoin (BTC)
- Ether (ETH)
- Apple Inc (AAPL)
- Tesla Inc (TSLA)
- Summary
Euro (EURUSD)
The bullish trend continues, a corrective wave is developing. The last broken level is resistance (1.1430 — 1.1460). The breakout occurred 3 candlesticks ago, and the price has returned to this last broken level.
Upon resumption of the upward movement, the first target will be the resistance level with boundaries 1.1464 — 1.1482. If the market successfully consolidates above this level, a further target will be at the resistance level with boundaries 1.1609 — 1.1622.
If the correction ends near the current prices, the potential profit/risk ratio to the first target might be small (around 0.2:1). When evaluating a further target, it is also approximately 1.3:1. If the current correction ends near the support level (1.1376 — 1.1383), the potential profit/risk ratio could be around 1.2:1. When choosing a further target — around 3:1.
Long positions will remain relevant as long as the market is above the nearest support level of the daily timeframe with boundaries 1.1376 — 1.1383. If the market successfully consolidates below this support, the trend will change to the opposite (bearish).
EURUSD. Technical analysis. D1.
Swiss Franc (USDCHF)
The trend changed to bullish when the resistance level (0.8126 — 0.8139) was broken last week. A corrective wave is developing. The price has reacted to the level, but there is no confirmation yet.
Upon resumption of the upward movement, the first target will be the resistance level with boundaries 0.8089 — 0.8114.
If the current correction ends near the support level (0.8008 — 0.8030), the potential profit/risk ratio might be small (around 0.9:1).
Long positions will remain relevant as long as the market is above the nearest support level of the daily timeframe with boundaries 0.8008 — 0.8030. If the market successfully consolidates below this support, the trend will change to the opposite (bearish).
USDCHF. Technical analysis. D1.
Japanese Yen (USDJPY)
The bullish trend continues, the correction ended 11 candlesticks ago, and an impulse wave is now developing. The last broken level is resistance (160.55 — 160.59). The breakout occurred 23 candlesticks ago.
The nearest target for the upward movement is the resistance level with boundaries 162.44 — 162.48.
From the current prices, the profit/risk ratio, when setting the target and fixing risks according to the daily timeframe levels, is less than 0.1:1.
Long positions will remain relevant as long as the market is above the nearest support level of the daily timeframe with boundaries 161.26 — 161.66. If the market successfully consolidates below this nearest support, the trend will change to the opposite (bearish).
USDJPY. Technical analysis. D1.
Canadian Dollar (USDCAD)
The bearish trend continues, the correction ended 4 candlesticks ago, and an impulse wave is developing. The last broken level is support (1.4167 — 1.4189). The breakout occurred 6 candlesticks ago.
The intermediate target for the downward movement is the support level with boundaries 1.3897 — 1.3939. In case of a successful trend development, a further target will be at the support level with boundaries 1.3768 — 1.3780. The next target is support with boundaries 1.3548 — 1.3580.
From the current prices, the profit/risk ratio, when setting targets and fixing risks according to the daily timeframe levels, might be small (around 0.3:1). When using a further target — also small (approximately 0.9:1).
Short positions will remain relevant as long as the market remains below the nearest resistance level with boundaries 1.4201 — 1.4226. If the market successfully consolidates above this nearest resistance, the trend will change to the opposite (bullish).
USDCAD. Technical analysis. D1.
Australian Dollar (AUDUSD)
The trend changed to bullish when the resistance level (0.6953 — 0.6969) was broken last week. The breakout occurred 4 candlesticks ago. A corrective wave is now developing.
Upon resumption of the upward movement, the first target will be the resistance level with boundaries 0.7007 — 0.7021. In case of a successful trend development, a further target will be at the resistance level with boundaries 0.7184 — 0.7200.
The potential profit/risk ratio from the current prices, when setting targets and fixing risks according to the daily timeframe levels, might be small (around 0.2:1). When using a further target — more than 1:1. If the next correction ends near the support level (0.6911 — 0.6916), the potential profit/risk ratio could be more than 1:1. For a further target — around 4:1. If the correction ends near the last broken level (0.6953 — 0.6969), the potential profit/risk ratio might be small (around 0.4:1).
Long positions will remain relevant as long as the market is above the nearest support level of the daily timeframe with boundaries 0.6911 — 0.6916. If the market successfully consolidates below this nearest support, the trend will change to the opposite (bearish).
AUDUSD. Technical analysis. D1.
Bitcoin (BTC)
The bullish trend continues, the price has reacted to the level, but there is no confirmation yet. The last broken level is resistance (64128 — 64659). The breakout occurred 4 candlesticks ago.
Upon resumption of the upward movement, the first target will be the resistance level with boundaries 64960 — 65508. If the market successfully consolidates above this resistance, a further target will be at the resistance level with boundaries 73755 — 74154.
If the current correction ends near the support level (61769 — 62239), the potential profit/risk ratio could be around 1.5:1. For a further target — more than 5:1.
Long positions will remain relevant as long as the market is above the nearest support level of the daily timeframe with boundaries 61769 — 62239. If the market successfully consolidates below this support, the trend will change to the opposite (bearish).
BTC. Technical analysis. D1.
Ether (ETH)
The bullish trend continues, a corrective wave is developing. The last broken level is resistance (1806 — 1842). The breakout occurred 4 candlesticks ago, and the price has returned to this last broken level.
Upon resumption of the upward movement, the first target will be the resistance level with boundaries 1917 — 1944. In case of a successful trend development, a further target will be at the resistance level with boundaries 2116 — 2146.
The potential profit/risk ratio from the current prices, when setting targets and fixing risks according to the daily timeframe levels, might be small (around 0.4:1). When using a further target — around 1.4:1. If the next correction ends near the support level (1712 — 1743), the potential profit/risk ratio could be approximately 2:1. For a further target — around 4:1.
Long positions will remain relevant as long as the market is above the nearest support level with boundaries 1712 — 1743. If the market successfully consolidates below this support, the trend will change to the opposite (bearish).
ETH. Technical analysis. D1.
Apple Inc (AAPL)
The bullish trend continues, an impulse wave is developing. The last broken level is resistance (317.31 — 323.45). The breakout occurred 3 candlesticks ago.
No relevant resistance zones have been found to determine the targets of the upward movement on the current timeframe.
Long positions will remain relevant as long as the market is above the nearest support level with boundaries 311.91 — 313.76. If the market successfully consolidates below this support, the trend will change to the opposite (bearish).
AAPL. Technical analysis. D1.
Tesla Inc (TSLA)
The trend changed to bearish when the support level (390.50 — 393.99) was broken on the last closed candlestick. An impulse wave is developing.
The intermediate target for the downward movement is the support level with boundaries 368.60 — 370.15. In case of a successful trend development, a further target will be at the support level with boundaries 337.25 — 343.15.
If the next correction ends near the resistance level (410.49 — 413.16), the potential profit/risk ratio could be approximately 2:1. For a further target — around 3:1. If the correction ends near the last broken level (390.50 — 393.99), the potential profit/risk ratio might be small (around 0.6:1). When choosing a further target — also around 1.2:1.
Short positions will remain relevant as long as the market remains below the nearest resistance level with boundaries 410.49 — 413.16. If the market successfully consolidates above this nearest resistance, the trend will change to the opposite (bullish).
TSLA. Technical analysis. D1.
Summary
From the perspective of medium-term trading, the financial instruments with a correction close to completion on the Daily timeframe and/or potentially the most promising profit-to-risk ratio can be identified as: EURUSD. In the near future, depending on the depth of the market correction, the following may be worthy of attention: ETH, BTC, USDCHF, AUDUSD.
The remaining financial instruments on the trading watchlist may also be of interest, but the conditions for a rebound on the daily timeframe in these markets will likely not appear earlier than in a week.