We are reviewing the most important levels for key financial instruments and probable scenarios for market development.
Key topics
- Euro (EURUSD)
- Swiss Franc (USDCHF)
- Japanese Yen (USDJPY)
- Canadian Dollar (USDCAD)
- Australian Dollar (AUDUSD)
- Bitcoin (BTC)
- Ethereum (ETH)
- Apple Inc (AAPL)
- NVIDIA Corp (NVDA)
- Tesla Inc (TSLA)
- Summary
Euro (EURUSD)
The trend has changed to bullish, an impulse wave is developing. The last broken level is resistance (1.1464 — 1.1482). The breakout occurred 2 candlesticks ago.
The intermediate target for the upward movement is the resistance level with boundaries at 1.1609 — 1.1622. In case of a successful trend development, the further target will be at the resistance level with boundaries at 1.1809 — 1.1809.
If the next correction ends near the support level (1.1353 — 1.1368), the potential profit/risk ratio could be around 3:1. When choosing the further target — more than 5:1. If the correction ends near the last broken level (1.1464 — 1.1482), the potential profit/risk ratio could be insignificant (around 0.7:1). For the further target — approximately 2:1.
Long positions will remain relevant as long as the market is above the nearest support level of the daily timeframe with boundaries at 1.1353 — 1.1368. If the market successfully consolidates below this nearest support, the trend will change to the opposite (bearish).
EURUSD. Technical analysis. D1.
Swiss Franc (USDCHF)
The bullish trend continues, the price has reacted to the level, but there is no confirmation yet. The last broken level is resistance (0.8089 — 0.8114). The breakout occurred 9 candlesticks ago.
The intermediate target for the upward movement is the resistance level with boundaries at 0.8195 — 0.8206. In case of a successful trend development, the further target will be at the resistance level with boundaries at 0.8275 — 0.8348.
If the correction ends near the support level (0.8032 — 0.8045), the potential profit/risk ratio could be approximately 2:1. When choosing the 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 at 0.8032 — 0.8045. If the market successfully consolidates below this support, the trend will change to the opposite (bearish).
USDCHF. Technical analysis. D1.
Japanese Yen (USDJPY)
The trend has changed to bearish, an impulse wave is developing. The last broken level is support (161.26 — 161.66). The breakout occurred 2 candlesticks ago.
The intermediate target for the downward movement is the support level with boundaries at 156.00 — 156.38. In case of a successful trend development, the further target will be at the support level with boundaries at 154.01 — 154.66.
If the next correction ends near the resistance level (163.86 — 163.98), the potential profit/risk ratio could be more than 5:1. When choosing the further target — more than 6:1. If the correction ends near the last broken level (161.26 — 161.66), the potential profit/risk ratio could be approximately 1.3:1. For the further target — around 2:1.
Short positions will remain relevant as long as the market stays below the nearest resistance level with boundaries at 163.86 — 163.98. If the market successfully consolidates above this nearest resistance, the trend will change to the opposite (bullish).
USDJPY. Technical analysis. D1.
Canadian Dollar (USDCAD)
The bearish trend continues, a corrective wave is developing. The last broken level is support (1.4055 — 1.4084). The breakout occurred 3 candlesticks ago.
The intermediate target for the downward movement is the support level with boundaries at 1.4001 — 1.4013. In case of a successful trend development, the further target will be at the support level with boundaries at 1.3768 — 1.3780.
The potential profit/risk ratio from current prices, when setting targets and fixing risks according to the daily timeframe levels, could be less than 0.1:1. When using the further target — approximately 1.3:1. If the correction ends near the resistance level (1.4124 — 1.4128), the potential profit/risk ratio could be more than 1:1. When choosing the further target — more than 4:1. If the correction ends near the last broken level (1.4055 — 1.4084), the potential profit/risk ratio could be small (around 0.4:1).
Short positions will remain relevant as long as the market stays below the nearest resistance level with boundaries at 1.4124 — 1.4128. 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 bullish trend continues, a corrective wave is developing. The last broken level is resistance (0.6999 — 0.7021). The breakout occurred 2 candlesticks ago, and the price has returned to this last broken level.
Upon the resumption of the upward movement, the first target will be the resistance level with boundaries at 0.7027 — 0.7044. In case of a successful trend development, the further target will be at the resistance level with boundaries at 0.7184 — 0.7200.
The potential profit/risk ratio from current prices, when setting targets and fixing risks according to the daily timeframe levels, could be less than 0.1:1. When using the further target — approximately 1:1. If the correction ends near the support level (0.6920 — 0.6954), the potential profit/risk ratio could be around 1.2:1. For the further target — around 3.3:1.
Long positions will remain relevant as long as the market is above the nearest support level with boundaries at 0.6920 — 0.6954. 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, a corrective wave is developing again. The last broken level is resistance (64960 — 65508). The breakout occurred 11 candlesticks ago.
Upon the resumption of the upward movement, the first target will be the resistance level with boundaries at 66507 — 66910. If the market successfully consolidates above this resistance, the further target will be at the resistance level with boundaries at 73755 — 74154.
If the correction ends near the support level (62715 — 63723), the potential profit/risk ratio could be approximately 2:1. When choosing the further target — around 6:1.
Long positions will remain relevant as long as the market is above the nearest support level of the daily timeframe with boundaries at 62715 — 63723. If the market successfully consolidates below this nearest support, the trend will change to the opposite (bearish).
BTC. Technical analysis. D1.
Ethereum (ETH)
The bullish trend continues, a corrective wave is developing again. The last broken level is resistance (1806 — 1842). The breakout occurred 18 candlesticks ago.
Upon the resumption of the upward movement, the first target will be the resistance level with boundaries at 1920 — 1935. In case of a successful trend development, the further target will be at the resistance level with boundaries at 2019 — 2043.
If the next correction ends near the support level (1856 — 1873), the potential profit/risk ratio could be insignificant (around 0.9:1). When choosing the further target — approximately 2:1.
Long positions will remain relevant as long as the market is above the nearest support level with boundaries at 1856 — 1873. If the market successfully consolidates below this support, the trend will change to the opposite (bearish).
ETH. Technical analysis. D1.
Apple Inc (AAPL)
The trend has changed to bearish, an impulse wave is developing. The last broken level is support (319.35 — 321.66). The breakout occurred on the last closed candlestick.
The intermediate target for the downward movement is the support level with boundaries at 279.85 — 281.17. In case of a successful trend development, the further target will be at the support level with boundaries at 265.07 — 266.09.
If the next correction ends near the resistance level (340.08 — 344.57), the potential profit/risk ratio could be around 5:1. When choosing the further target — around 6:1. If the correction ends near the last broken level (319.35 — 321.66), the potential profit/risk ratio could be around 1.1:1. For the further target — around 1.6:1.
Short positions will remain relevant as long as the market is below the nearest resistance level with boundaries at 340.08 — 344.57. If the market successfully consolidates above this nearest resistance, the trend will change to the opposite (bullish).
AAPL. Technical analysis. D1.
NVIDIA Corp (NVDA)
The bearish trend continues, a corrective wave is developing. The last broken level is support (197.97 — 202.64). The breakout occurred 5 candlesticks ago, and the price has returned to this last broken level.
The intermediate target for the downward movement is the support level at 190.01. In case of a successful trend development, the further target will be at the support level with boundaries at 171.37 — 172.18.
If the correction ends near the resistance level (212.06 — 214.39), the potential profit/risk ratio could be more than 2:1. When choosing the further target — more than 4:1.
Short positions will remain relevant as long as the market stays below the nearest resistance level with boundaries at 212.06 — 214.39. If the market successfully consolidates above this nearest resistance, the trend will change to the opposite (bullish).
NVDA. Technical analysis. D1.
Tesla Inc (TSLA)
The bearish trend continues, a corrective wave is developing. The last broken level is support (390.50 — 393.99). The breakout occurred 11 candlesticks ago.
The intermediate target for the downward movement is the support level with boundaries at 297.38 — 298.32. In case of a successful trend development, the further target will be at the support level with boundaries at 271.00 — 273.11.
The potential profit/risk ratio from current prices, when setting targets and fixing risks according to the daily timeframe levels, could be small (around 0.1:1). When choosing the further target — also small (approximately 0.4:1). If the correction ends near the resistance level (378.93 — 384.07), the potential profit/risk ratio could be approximately 4.4:1. For the further target — around 5.8:1.
Short positions will remain relevant as long as the market stays below the nearest resistance level with boundaries at 378.93 — 384.07. If the market successfully consolidates above this nearest resistance, the trend will change to the opposite (bullish).
TSLA. Technical analysis. D1.
Summary
From a medium-term trading perspective, the financial instruments with a correction close to completion on the Daily timeframe and/or a potentially most promising profit-to-risk ratio can be identified as: BTC, ETH. Depending on the depth of the market correction, the following may soon be worthy of attention: NVDA, AUDUSD, USDCAD, TSLA.
The rest of the financial instruments on the trading list may also be of interest, but the conditions for a rebound on the daily timeframe in these markets will likely appear no earlier than in a week.