We review the most important levels for key financial instruments and the probable scenarios for future developments.
Key topics
- Euro (EURUSD)
- Swiss Franc (USDCHF)
- Japanese Yen (USDJPY)
- Canadian Dollar (USDCAD)
- Australian Dollar (AUDUSD)
- Bitcoin (BTC)
- Ether (ETH)
- Apple Inc (AAPL)
- NVIDIA Corp (NVDA)
- Tesla Inc (TSLA)
- Summary
Euro (EURUSD)
The bullish trend continues, a correction ended 9 candlesticks ago, and an impulse wave is developing. The last broken level is resistance (1.1464 — 1.1482). The breakout occurred 12 candlesticks ago.
The intermediate target for the upward movement is the resistance level with boundaries 1.1609 — 1.1622. In case of a successful trend development, the further target will be at the resistance level with boundaries 1.1809 — 1.1809.
The potential profit/risk ratio from current prices, when setting targets and fixing risks according to daily timeframe levels, may be small (around 0.3:1). When using a further target — around 1.8:1.
Long positions will remain relevant as long as the market is above the nearest daily timeframe support level with boundaries 1.1499 — 1.1509. If the market successfully consolidates below this support, the trend will change to the opposite (bearish).
EURUSD. Technical analysis. D1.
Swiss Franc (USDCHF)
The bullish trend continues, a correction ended 5 candlesticks ago, and an impulse wave is developing. The last broken level is resistance (0.8103 — 0.8115). The breakout occurred 7 candlesticks ago.
The intermediate target for the upward movement is the resistance level with boundaries 0.8195 — 0.8206. In case of a successful trend development, the further target will be at the resistance level with boundaries 0.8275 — 0.8348.
The potential profit/risk ratio from current prices, when setting targets and fixing risks according to daily timeframe levels, may be small (around 0.4:1). When choosing a further target — around 1:1.
Long positions will remain relevant as long as the market is above the nearest daily timeframe support level with boundaries 0.8055 — 0.8069. If the market successfully consolidates below this support, the trend will change to the opposite (bearish).
USDCHF. Technical analysis. D1.
Japanese Yen (USDJPY)
The bearish trend continues, and a corrective wave is developing. The last broken level is support (161.26 — 161.66). The breakout occurred 12 candlesticks ago.
The intermediate target for the downward movement is the support level with boundaries 157.01 — 157.73. In case of a successful trend development, the further target will be at the support level with boundaries 154.01 — 154.66.
The potential profit/risk ratio from current prices, when setting targets and fixing risks according to daily timeframe levels, may be small (around 0.2:1). When choosing a further target — also small (approximately 0.7:1). If the correction ends around the resistance level (163.86 — 163.98), the potential profit/risk ratio could be over 3:1. For a further target — around 5:1. If the correction ends around the last broken level (161.26 — 161.66), the potential profit/risk ratio may be insignificant (around 0.9:1).
Short positions will remain relevant as long as the market stays below the nearest resistance level with boundaries 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, and an impulse wave is developing. The last broken level is support (1.3989 — 1.4010). The breakout occurred 6 candlesticks ago.
The intermediate target for the downward movement is the support level with boundaries 1.3768 — 1.3780. In case of a successful trend development, the further target will be at the support level with boundaries 1.3548 — 1.3580.
The potential profit/risk ratio from current prices, when setting targets and fixing risks according to daily timeframe levels, may be small (around 0.6:1). When choosing a further target — approximately 2:1. If the next correction ends around the resistance level (1.3941 — 1.3958), the potential profit/risk ratio could be approximately 2:1. For a further target — over 4:1.
Short positions will remain relevant as long as the market stays below the nearest resistance level with boundaries 1.3941 — 1.3958. 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, the price has reacted to the level — a new impulse wave is likely forming. The last broken level is resistance (0.7038 — 0.7055). The breakout occurred 8 candlesticks ago.
Upon the resumption of the upward movement, the first target will be the resistance level with boundaries 0.7184 — 0.7200. In case of a successful trend development, the further target will be at the resistance level with boundaries 0.7262 — 0.7271.
If the correction ends around the support level (0.7020 — 0.7030), the potential profit/risk ratio could be over 2:1. For a further target — around 4:1. If the correction ends around the last broken level (0.7038 — 0.7055), the potential profit/risk ratio may be around 2:1. When choosing a further target — over 2:1.
Long positions will remain relevant as long as the market is above the nearest support level with boundaries 0.7020 — 0.7030. If the market successfully consolidates below this support, the trend will change to the opposite (bearish).
AUDUSD. Technical analysis. D1.
Bitcoin (BTC)
The bullish trend continues, and a corrective wave is developing. The last broken level is resistance (64960 — 65508). The breakout occurred 25 candlesticks ago.
The intermediate target for the upward movement is the resistance level with boundaries 66507 — 66910. In case of a successful trend development, the further target will be at the resistance level with boundaries 73755 — 74154.
If the correction ends around the support level (62715 — 63723), the potential profit/risk ratio could be over 2:1. When choosing a further target — over 7:1.
Long positions will remain relevant as long as the market is above the nearest daily timeframe support level with boundaries 62715 — 63723. If the market successfully consolidates below this nearest support, the trend will change to the opposite (bearish).
BTC. Technical analysis. D1.
Ether (ETH)
The bearish trend continues, the price has reacted to the level — a new impulse wave is likely forming. The last broken level is support (1856 — 1873). The breakout occurred 14 candlesticks ago.
The intermediate target for the downward movement is the support level with boundaries 1821 — 1843. In case of a successful trend development, the further target will be at the support level with boundaries 1712 — 1743.
If the correction ends around the resistance level (1916 — 1937), the potential profit/risk ratio could be around 1.4:1. When choosing a further target — approximately 3:1. If the correction ends around the last broken level (1856 — 1873), the potential profit/risk ratio may be small (around 0.2:1). For a further target — around 1:1.
Short positions will remain relevant as long as the market stays below the nearest resistance level with boundaries 1916 — 1937. If the market successfully consolidates above this nearest resistance, the trend will change to the opposite (bullish).
ETH. Technical analysis. D1.
Apple Inc (AAPL)
The bearish trend continues, and a corrective wave is developing. The last broken level is support (319.35 — 321.66). The breakout occurred 11 candlesticks ago.
The intermediate target for the downward movement is the support level with boundaries 300.57 — 302.25. In case of a successful trend development, the further target will be at the support level with boundaries 279.85 — 281.17.
The potential profit/risk ratio from current prices, when setting targets and fixing risks according to daily timeframe levels, may be small (around 0.2:1). When using a further target — approximately 1.3:1. If the correction ends around the resistance level (314.34 — 316.29), the potential profit/risk ratio could be around 1.3:1. For a further target — over 3:1.
Short positions will remain relevant as long as the market is below the nearest resistance level with boundaries 314.34 — 316.29. 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 bullish trend continues, and a corrective wave is developing. The last broken level is resistance (223.96 — 224.76). The breakout occurred 2 candlesticks ago.
The intermediate target for the upward movement is the resistance level with boundaries 227.18 — 232.28.
The potential profit/risk ratio from current prices, when setting targets and fixing risks according to daily timeframe levels, may be small (around 0.1:1). If the correction ends around the support level (216.20 — 217.50), the potential profit/risk ratio could be around 1.3:1.
Long positions will remain relevant as long as the market is above the nearest support level with boundaries 216.20 — 217.50. If the market successfully consolidates below this support, the trend will change to the opposite (bearish).
NVDA. Technical analysis. D1.
Tesla Inc (TSLA)
The trend has changed to bullish, and a corrective wave is developing. The last broken level is resistance (327.35 — 329.57). The breakout occurred 5 candlesticks ago.
Upon the resumption of the upward movement, the first target will be the resistance level with boundaries 378.93 — 384.07. In case of a successful trend development, the further target will be at the resistance level with boundaries 410.49 — 413.16.
If the correction ends around the support level (315.52 — 317.05), the potential profit/risk ratio could be around 5:1. When choosing a further target — over 7:1. If the correction ends around the last broken level (327.35 — 329.57), the potential profit/risk ratio may be approximately 2:1. For a further target — around 3:1.
Long positions will remain relevant as long as the market is above the nearest support level with boundaries 315.52 — 317.05. If the market successfully consolidates below this support, the trend will change to the opposite (bearish).
TSLA. Technical analysis. D1.
Summary
From the perspective of medium-term trading, the financial instruments with a correction nearing completion on the Daily timeframe and/or a potentially most promising profit/risk ratio can be identified as: BTC, USDCHF.
The remaining financial instruments on the trading watchlist may also be of interest, but conditions for a rebound on the daily timeframe in these markets will likely not appear for at least another week.