Financial markets weekly overview for January 21 – 25

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The actual financial market overview based on CFTC:
COT-based Markets Weekly Overview for October 10 – 16.

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We make up a weekly medium-term trade list based on technical analysis. The overview provides a description of the technical condition of the market on the most popular financial instruments.

During the shutdown of the federal government, CFTC reports will not be published and one should analyze just the chart.

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E-Mini S&P500 (ESH19)

The market remains in the uptrend. The correction came to an end last week and the pullback buying opportunity was formed. Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of January 14 – 15.

E-Mini S&P500 (ESH19). Technical analysis.

Dollar Index (DXY)

The market remains in the downtrend and the correction wave develops. A pullback selling opportunity will appear after the correction completion on the Daily timeframe. Short positions will remain relevant until the market is below the nearest resistance level on the Daily timeframe, the highs of January 2 – 4.

Dollar Index (DXY). Technical analysis.

Euro (EURUSD)

EURUSD currency pair remains in the downtrend and the correction wave develops. A pullback buying opportunity will appear after the correction completion on the Daily timeframe. Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of January 2 – 4.

EURUSD. Technical analysis.

Swiss Franc (USDCHF)

The resistance level was broken on the Daily timeframe on Tuesday, the trend is bullish now and the impulse wave develops. A pullback buying opportunity will appear after the correction formation on the Daily timeframe. Long positions (USDCHF) will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of January 14 – 15.

CHFUSD. Technical analysis.

British Pound (GBPUSD)

GBPUSD currency pair remains in the uptrend and the impulse wave develops. A pullback buying opportunity will appear after the correction completion on the Daily timeframe. Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of January 8 – 9.

GBPUSD. Technical analysis.

Japanese Yen (USDJPY)

The resistance level was broken on the Daily timeframe on Tuesday, the trend is bullish now and the impulse wave develops. A pullback buying opportunity will appear after the correction formation on the Daily timeframe. Long positions (USDJPY) will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of January 14 – 15.

JPYUSD. Technical analysis.

WTI Crude Oil (CLH19)

WTI Crude Oil (CLH19). Technical analysis.

Canadian Dollar (USDCAD)

USDCAD currency pair remains in the downtrend. The correction came to an end last week and the pullback selling opportunity was formed. Short positions (USDCAD) will remain relevant until the market is below the nearest resistance level on the Daily timeframe, the highs of January 17 – 18.

CADUSD. Technical analysis.

Gold (XAUUSD)

The market remains in the uptrend and the correction wave develops. A pullback buying opportunity will appear after the correction completion on the Daily timeframe. Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of January 4 – 9.

Gold (GCG19). Technical analysis.

Silver (XAGUSD)

The support level was broken on the Daily timeframe on Thursday, the trend is bearish now and the impulse wave develops. A pullback selling opportunity will appear after the correction formation on the Daily timeframe. Short positions will remain relevant until the market is below the nearest resistance level on the Daily timeframe, the highs of January 11 – 16.

Silver (SIH19). Technical analysis.

Australian Dollar (AUDUSD)

The market remains in the uptrend and the correction wave develops. A pullback buying opportunity will appear after the correction completion on the Daily timeframe. Long positions (AUDUSD) will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of January 2 – 4.

AUDUSD. Technical analysis.

New Zealand Dollar (NZDUSD)

NZDUSD currency pair remains in the uptrend and the correction wave develops. A pullback buying opportunity will appear after the correction completion on the Daily timeframe. Long positions (NZDUSD) will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of January 8 – 9.

NZDUSD. Technical analysis.

Russian rouble (USDRUB)

The support level was broken on the Daily timeframe on Wednesday, the trend is bearish now and the impulse wave develops. A pullback selling opportunity will appear after the correction formation on the Daily timeframe. Short positions (USDRUB) will remain relevant until the market is below the nearest resistance level on the Daily timeframe, the highs of January 10 – 16.

RUBUSD. Technical analysis.

Conclusions

In terms of medium-term trading, financial instruments with the correction close to completion on the Daily timeframe and with potentially the most promising risk-reward ratio are EURUSD, NZDUSD and Dollar Index.

In the near future, GBPUSD can become noteworthy depending on the market correction depth.

Other financial instruments in the trade list may be also interesting, but in these markets pullback signals on the Daily timeframe are likely to occur no earlier than a week.