Financial markets weekly overview for January 28 – February 1

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During the shutdown of the federal government, CFTC reports will not be published and one should analyze just the chart.

Key topics

• E-Mini S&P500 (ESH19)
• Dollar Index (DXY)
• Euro (EURUSD)
• Swiss Franc (USDCHF)
• British Pound (GBPUSD)
• Japanese Yen (USDJPY)
• WTI Crude Oil (CLH19)
• Canadian Dollar (USDCAD)
• Gold (XAUUSD)
• Silver(XAGUSD)
• Australian Dollar (AUDUSD)
• New Zealand Dollar (NZDUSD)
• Russian rouble (USDRUB)
• Conclusions

If you want to get more information on the pullback trading tactics and other aspects of trading in the market, watch the «Horizontal levels in trading» video course.

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 22 – 24.

Dollar Index (DXY)

The support level was broken on the Daily timeframe on Friday, 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 24 – 25.

Euro (EURUSD)

The resistance level was broken on the Daily timeframe on Friday, 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 will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of January 24 – 25.

Swiss Franc (USDCHF)

USDCHF 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 (USDCHF) will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of January 14 – 15.

British Pound (GBPUSD)

GBPUSD currency pair 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 18 – 22.

Japanese Yen (USDJPY)

USDJPY currency pair remains in the uptrend 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.

WTI Crude Oil (CLH19)

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 23 – 24.

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 22 – 25.

Gold (XAUUSD)

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 24 – 25.

Silver (XAGUSD)

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 11 – 16.

Australian Dollar (AUDUSD)

The market remains in the uptrend. The correction came to an end last week and the pullback buying opportunity was formed. Long positions (AUDUSD) will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of January 24 – 25.

New Zealand Dollar (NZDUSD)

NZDUSD currency pair remains in the uptrend. The correction came to an end last week and the pullback buying opportunity was formed. Long positions (NZDUSD) will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of January 21 – 22.

Russian rouble (USDRUB)

USDRUB currency pair remains in the downtrend 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 21 – 23.

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 AUDUSD, WTI Crude Oil.

In the near future, USDRUB 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.

More information on the topic:

• The role of support and resistance levels in the trading plan
  
• Trading tactics. Breakout trading and pullback trading
• How to use CFTC reports in trading. General concepts
• How to use CFTC reports in trading. The logic of large speculators

Good luck in trading!