Financial markets weekly overview for February 4 – 8

Financial markets weekly overview for February 4 – 8

The actual financial market overview based on CFTC:
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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.

Key topics

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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 28 – 30.

Financial markets weekly overview for February 4 - 8

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 29 – 30.

Financial markets weekly overview for February 4 - 8

Dollar Index (DXY). Technical analysis.

Euro (EURUSD)

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 24 – 25.

Financial markets weekly overview for February 4 - 8

EURUSD. Technical analysis.

Swiss Franc (USDCHF)

USDCHF currency pair remains in the uptrend. The correction came to an end last week and the pullback buying opportunity was formed. Long positions (USDCHF) will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of January 28 – 29.

Financial markets weekly overview for February 4 - 8

CHFUSD. Technical analysis.

British Pound (GBPUSD)

GBPUSD 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 will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of January 18 – 22.

Financial markets weekly overview for February 4 - 8

GBPUSD. Technical analysis.

Japanese Yen (USDJPY)

USDJPY currency pair remains in the uptrend. The correction came to an end last week and the pullback buying opportunity was formed. Long positions (USDJPY) will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of January 31 – February 1.

Financial markets weekly overview for February 4 - 8

JPYUSD. Technical analysis.

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 28 – 30.

Financial markets weekly overview for February 4 - 8

WTI Crude Oil (CLH19). Technical analysis.

Canadian Dollar (USDCAD)

USDCAD 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 (USDCAD) will remain relevant until the market is below the nearest resistance level on the Daily timeframe, the highs of January 28 – 30.

Financial markets weekly overview for February 4 - 8

CADUSD. Technical analysis.

Gold (XAUUSD)

The market 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 will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of January 23 – 25.

Financial markets weekly overview for February 4 - 8

Gold (GCJ19). Technical analysis.

Silver (XAGUSD)

The resistance level was broken on the Daily timeframe on Tuesday, the trend is bullish now 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 24 – 25.

Financial markets weekly overview for February 4 - 8

Silver (SIH19). Technical analysis.

Australian Dollar (AUDUSD)

The market 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 (AUDUSD) will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of January 29 – 30.

Financial markets weekly overview for February 4 - 8

AUDUSD. Technical analysis.

New Zealand Dollar (NZDUSD)

NZDUSD 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 (NZDUSD) will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of January 29 – 30.

Financial markets weekly overview for February 4 - 8

NZDUSD. Technical analysis.

Russian rouble (USDRUB)

USDRUB currency pair remains in the downtrend. The correction came to an end last week and the pullback selling opportunity was formed. Short positions (USDRUB) will remain relevant until the market is below the nearest resistance level on the Daily timeframe, the highs of January 28 – 30.

Financial markets weekly overview for February 4 - 8

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 USDJPY and Dollar Index.

In the near future, EURUSD, GBPUSD, and EURAUD 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:

Good luck in trading!

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