We examine the most important levels for key financial instruments and probable scenarios.
Key Topics
- Euro (EURUSD)
- British Pound (GBPUSD)
- Swiss Franc (USDCHF)
- Japanese Yen (USDJPY)
- Canadian Dollar (USDCAD)
- Australian Dollar (AUDUSD)
- New Zealand Dollar (NZDUSD)
- Bitcoin (BTC)
- Ether (ETH)
- Apple Inc (AAPL)
- NVIDIA Corp (NVDA)
- Tesla Inc (TSLA)
- Summary
Euro (EURUSD)
The downtrend continues, a correction ended 10 candlesticks ago, and an impulse wave is developing. The last level broken is support (1.1499 — 1.1518). The breakout occurred 12 candlesticks ago.
The intermediate target for the downward movement is the support level with boundaries of 1.1361 — 1.1376.
The potential reward/risk ratio from current prices when setting targets and managing risks based on daily timeframe levels may be small (about 0.2:1).
Short positions will remain relevant as long as the market remains below the nearest resistance level with boundaries of 1.1607 — 1.1622. If the market successfully establishes itself above this resistance, the trend will reverse to the opposite (bullish).
EURUSD. Technical analysis. D1.
British Pound (GBPUSD)
The trend changed to bullish 2 candlesticks ago when the resistance level (1.3247 — 1.3272) was broken. A corrective wave is developing.
Upon resumption of the upward movement, the intermediate target will be the resistance level with boundaries of 1.3450 — 1.3461. If the market successfully establishes itself above this first zone, the further target will be at the resistance level with boundaries of 1.3615 — 1.3655.
The potential reward/risk ratio from current prices when setting targets and managing risks based on daily timeframe levels may be small (about 0.4:1). When using the further target, it is also around 1:1. If the next correction ends near the support level (1.3181 — 1.3188), then the potential reward/risk ratio could be approximately 2:1. For the further target, it would be over 4:1. If the correction ends near the last broken level (1.3247 — 1.3272), then the potential reward/risk ratio could be around 1:1.
Long positions will remain relevant as long as the market remains above the nearest daily timeframe support level with boundaries of 1.3181 — 1.3188. If the market successfully establishes itself below this support, the trend will reverse to the opposite (bearish).
GBPUSD. Technical analysis. D1.
Swiss Franc (USDCHF)
The trend changed to bearish 2 candlesticks ago when the support level (0.8061 — 0.8073) was broken. A corrective wave is developing.
Upon resumption of the downward movement, the first target will be the support level with boundaries of 0.7908 — 0.7931. In the event of a successful development of the trend, the further target will be at the support level with boundaries of 0.7794 — 0.7808.
The potential reward/risk ratio from current prices when setting targets and managing risks based on daily timeframe levels may be small (about 0.6:1). When using the further target, it is also around 1.4:1. If the next correction ends near the resistance level (0.8126 — 0.8139), the potential reward/risk ratio could be approximately 3:1. When choosing the further target, it would be over 4:1. If the correction ends near the last broken level (0.8061 — 0.8073), the potential reward/risk ratio could be approximately 1:1. For the further target, it would be over 1:1.
Short positions will remain relevant as long as the market remains below the nearest daily timeframe resistance level with boundaries of 0.8126 — 0.8139. If the market successfully establishes itself above this nearest resistance, the trend will reverse to the opposite (bullish).
USDCHF. Technical analysis. D1.
Japanese Yen (USDJPY)
The uptrend continues, and a corrective wave is developing. The last broken level is resistance (160.55 — 160.59). The breakout occurred 13 candlesticks ago.
Upon resumption of the upward movement, the first target will be the resistance level with boundaries of 162.60 — 162.83.
If the next correction ends near the support level (159.64 — 159.92), then the potential reward/risk ratio could be over 2:1. If the correction ends near the last broken level (160.55 — 160.59), the potential reward/risk ratio could be around 1.1:1.
Long positions will remain relevant as long as the market remains above the nearest daily timeframe support level with boundaries of 159.64 — 159.92. If the market successfully establishes itself below this support, the trend will reverse to the opposite (bearish).
USDJPY. Technical analysis. D1.
Canadian Dollar (USDCAD)
The uptrend continues, and a corrective wave is developing. The last broken level is resistance (1.3953 — 1.3969). The breakout occurred 16 candlesticks ago.
Upon resumption of the upward movement, the first target will be the resistance level with boundaries of 1.4217 — 1.4247. In the event of a successful development of the trend, the further target will be at the resistance level with boundaries of 1.4388 — 1.4415.
The potential reward/risk ratio from current prices when setting targets and managing risks based on daily timeframe levels may be small (about 0.2:1). When using the further target, it is over 1:1. If the next correction ends near the support level (1.4167 — 1.4189), the potential reward/risk ratio could be small (about 0.4:1). When choosing the further target, it would be around 2:1.
Long positions will remain relevant as long as the market remains above the nearest support level with boundaries of 1.4167 — 1.4189. If the market successfully establishes itself below the nearest support, the trend will reverse to the opposite (bearish).
USDCAD. Technical analysis. D1.
Australian Dollar (AUDUSD)
The downtrend continues, and a corrective wave is developing. The last broken level is support (0.6987 — 0.7012). The breakout occurred 9 candlesticks ago.
The intermediate target for the downward movement is the support level with boundaries of 0.6858 — 0.6890. In the event of a successful development of the trend, the further target will be at the support level with boundaries of 0.6665 — 0.6679.
The potential reward/risk ratio from current prices when setting targets and managing risks based on daily timeframe levels may be small (about 0.3:1). When using the further target, it is over 1:1. If the next correction ends near the resistance level (0.7018 — 0.7041), the potential reward/risk ratio could be approximately 2:1. For the further target, it would be around 5:1. If the correction ends near the last broken level (0.6987 — 0.7012), the potential reward/risk ratio could be around 1.1:1. When choosing the further target, it would be approximately 3:1.
Short positions will remain relevant as long as the market remains below the nearest resistance level with boundaries of 0.7018 — 0.7041. If the market successfully establishes itself above this nearest resistance, the trend will reverse to the opposite (bullish).
AUDUSD. Technical analysis. D1.
New Zealand Dollar (NZDUSD)
The downtrend continues, and a corrective wave is developing. The last broken level is support (0.5768 — 0.5788). The breakout occurred 13 candlesticks ago.
The intermediate target for the downward movement is the support level with boundaries of 0.5625 — 0.5635.
The potential reward/risk ratio from current prices when setting targets and managing risks based on daily timeframe levels may be small (about 0.4:1). If the next correction ends near the resistance level (0.5836 — 0.5864), the potential reward/risk ratio could be approximately 3:1. If the correction ends near the last broken level (0.5768 — 0.5788), the potential reward/risk ratio could be around 1:1.
Short positions will remain relevant as long as the market remains below the nearest daily timeframe resistance level with boundaries of 0.5836 — 0.5864. If the market successfully establishes itself above this nearest resistance, the trend will reverse to the opposite (bullish).
NZDUSD. Technical analysis. D1.
Bitcoin (BTC)
The trend changed to bullish 3 candlesticks ago when the resistance level (60016 — 60835) was broken. An impulse wave is developing.
The intermediate target for the upward movement is the resistance level with boundaries of 64242 — 65544. If the market successfully establishes itself above this resistance, the further target will be at the resistance level with boundaries of 73755 — 74154.
If the next correction ends near the support level (57748 — 58559), the potential reward/risk ratio could be approximately 2:1. When choosing the further target, it would be over 5:1. If the correction ends near the last broken level (60016 — 60835), the potential reward/risk ratio could be minor (around 0.8:1).
Long positions will remain relevant as long as the market remains above the nearest daily timeframe support level with boundaries of 57748 — 58559. If the market successfully establishes itself below this support, the trend will reverse to the opposite (bearish).
BTC. Technical analysis. D1.
Ether (ETH)
The trend changed to bullish, and an impulse wave is developing. The last broken level is resistance (1610 — 1642). The breakout occurred 3 candlesticks ago.
If the market continues upward, the first target will be the resistance level with boundaries of 1795 — 1848. If the market successfully establishes itself above this level, the further target will be at the resistance level with boundaries of 2019 — 2043.
If the next correction ends near the support level (1549 — 1570), the potential reward/risk ratio could be over 2:1. When choosing the further target, it would be over 4:1. If the correction ends near the last broken level (1610 — 1642), the potential reward/risk ratio could be around 1:1.
Long positions will remain relevant as long as the market remains above the nearest support level with boundaries of 1549 — 1570. If the market successfully establishes itself below this support, the trend will reverse to the opposite (bearish).
ETH. Technical analysis. D1.
Apple Inc (AAPL)
The trend changed to bullish, and an impulse wave is developing. The last broken level is resistance (300.85 — 302.42). The breakout occurred on the last closed candlestick.
The intermediate target for the upward movement is the resistance level with boundaries of 315.20 — 317.40.
If the next correction ends near the support level (273.75 — 275.00), the potential reward/risk ratio could be about 4:1. If the correction ends near the last broken level (300.85 — 302.42), the potential reward/risk ratio could be small (approximately 0.4:1).
Long positions will remain relevant as long as the market remains above the nearest support level with boundaries of 273.75 — 275.00. If the market successfully establishes itself below this support, the trend will reverse to the opposite (bearish).
AAPL. Technical analysis. D1.
NVIDIA Corp (NVDA)
The downtrend continues, and a corrective wave is developing. The last broken level is support (203.08 — 204.65). The breakout occurred 8 candlesticks ago.
The intermediate target for the downward movement is the support level with boundaries of 189.80 — 192.53. If the market successfully establishes itself below this support, the further target will be at the support level with boundaries of 180.30 — 181.84.
The potential reward/risk ratio from current prices when setting targets and managing risks based on daily timeframe levels may be small (about 0.1:1). When using the further target, it is also small (approximately 0.5:1). If the next correction ends near the resistance level (211.44 — 213.99), the potential reward/risk ratio could be over 2:1. When choosing the further target, it would be over 3:1. If the correction ends near the last broken level (203.08 — 204.65), the potential reward/risk ratio could be minor (around 0.7:1). For the further target, it would also be approximately 1.3:1.
Short positions will remain relevant as long as the market remains below the nearest resistance level with boundaries of 211.44 — 213.99. If the market successfully establishes itself above this nearest resistance, the trend will reverse to the opposite (bullish).
NVDA. Technical analysis. D1.
Tesla Inc (TSLA)
The trend changed to bullish 3 candlesticks ago when the resistance level (405.05 — 414.75) was broken. A corrective wave is developing.
Upon resumption of the upward movement, the first target will be the resistance level with boundaries of 428.01 — 432.86.
The potential reward/risk ratio from current prices when setting targets and managing risks based on daily timeframe levels may be minor (around 0.8:1). If the next correction ends near the support level (368.60 — 370.15), the potential reward/risk ratio could be over 2:1.
Long positions will remain relevant as long as the market remains above the nearest daily timeframe support level with boundaries of 368.60 — 370.15. If the market successfully establishes itself below this support, the trend will reverse to the opposite (bearish).
TSLA. Technical analysis. D1.
Summary
From the perspective of medium-term trading, the financial instruments with a correction near completion on the Daily and/or a potentially most promising reward/risk ratio include: TSLA. Depending on the depth of the market correction, the following may soon be worthy of attention: USDCHF, USDJPY, GBPUSD, AUDUSD, NZDUSD, USDCAD, NVDA.
Other financial instruments on the watchlist may also be of interest, but conditions for a rebound on the daily timeframe in these markets are likely to appear no earlier than in a week.