Weekly Technical Analysis (September 8–14)

Analyzing the current market situation using technical analysis, focusing on key horizontal levels and the most popular financial instruments.

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)
• Ethereum (ETH)
• Apple Inc (AAPL)
• NVIDIA Corp (NVDA)
• Tesla Inc (TSLA)
• Summary

Euro (EURUSD)

The trend remains bullish, with each new low higher than the previous one. The price is testing the nearest resistance, and a new entry point for buying on a bounce will appear after a correction on the daily timeframe.

The next target is the resistance level with boundaries 1.1770 — 1.1788. If the trend develops successfully, a more distant target will be at the next resistance level with boundaries 1.1805 — 1.1829.

Buy signals will remain relevant as long as the market is above the nearest support level with boundaries 1.1606 — 1.1638.

British Pound (GBPUSD)

The trend remains bearish, the last broken level is support (1.3414 — 1.3454). The breakout occurred 4 days ago; a correction wave is developing.

The intermediate target for the downward movement is the support level with boundaries 1.3330 — 1.3387.

If the correction completes around the resistance level (1.3543 — 1.3549), the potential profit/risk ratio could be high – around 4.

If the market successfully holds below the nearest support, this will open the way for price movement to target #2 – the support level with boundaries 1.3138 — 1.3205. Short positions will remain relevant as long as the market stays below the nearest resistance level with boundaries 1.3543 — 1.3549.

Swiss Franc (USDCHF)

The market remains in a bearish trend; 2 days ago, another correction completed, and an entry point for selling on a bounce formed. An impulse wave is developing.

The last broken level is support (0.7982 — 0.7985). The breakout occurred 1 day ago.

A sell entry point on a bounce on the daily timeframe will appear after a correction.

The nearest target is the support level with boundaries 0.7869 — 0.7910. Short positions will remain relevant as long as the market is below the nearest resistance level with boundaries 0.8053 — 0.8072.

Japanese Yen (USDJPY)

The market remains in a bullish trend; 4 days ago, another breakout occurred in the direction of the trend. The last broken level is resistance (147.77 — 148.18). An impulse wave is developing.

The intermediate target for the upward movement is the resistance level with boundaries 148.48 — 149.13. If the market successfully holds above this resistance, this will open the way for price movement to target #2 – the resistance level with boundaries 150.74 — 150.91.

If the correction completes around the support level (146.64 — 146.92), the potential profit/risk ratio could be around 2.

Long positions will remain relevant as long as the market is above the nearest daily timeframe support level with boundaries 146.64 — 146.92.

Canadian Dollar (USDCAD)

The market on the daily timeframe remains in a bullish trend. 5 days ago, the correction completed, and an entry point for buying on a bounce formed; an impulse wave is developing. The intermediate target for the upward movement is the resistance level with boundaries 1.3859 — 1.3868.

If the market successfully holds above this resistance, this will open the way for price movement to target #2 – the resistance level with boundaries 1.3971 — 1.4005.

Long positions will remain relevant as long as the market is above the nearest daily timeframe support level with boundaries 1.3724 — 1.3737. If the price closes below, the trend will change to bearish.

Australian Dollar (AUDUSD)

The market remains in a bullish trend. The last broken level is resistance (0.6504 — 0.6524). The breakout occurred 7 days ago. An impulse wave is developing.

The intermediate target for the upward movement is the resistance level with boundaries 0.6601 — 0.6624. Long positions will remain relevant as long as the market is above the nearest daily timeframe support level with boundaries 0.6481 — 0.6515.

New Zealand Dollar (NZDUSD)

The market remains in a medium-term bearish trend; an impulse wave is developing.

The intermediate target for the downward movement is the support level with boundaries 0.5831 — 0.5845. If the market successfully holds below this support, this will open the way for price movement to target #2 – the support level with boundaries 0.5816 — 0.5845.

Short positions will remain relevant as long as the market stays below the nearest daily timeframe resistance level with boundaries 0.5902 — 0.5914.

Bitcoin (BTC)

The trend is bearish. The last broken level is support (108670 — 110128). The breakout occurred 9 days ago.

3 days ago, the correction completed, and an entry point for selling on a bounce formed; an impulse wave is developing. The intermediate target for the downward movement is the support level with boundaries 107250 — 108248.

If the market successfully holds below this support, this will open the way for price movement to target #2 – the support level with boundaries 107438 — 108270. Short positions will remain relevant as long as the market is below the nearest daily timeframe resistance level with boundaries 111756 — 113390.

Ethereum (ETH)

The market remains in a bullish trend; 2 days ago, the correction completed, and an entry point for buying on a bounce formed; an impulse wave is developing. Currently, the price is near the support level with boundaries 4257 — 4360.

The intermediate target for the upward movement is the resistance level with boundaries 4602 — 4664. If the market successfully holds above this resistance, this will open the way for price movement to target #2 – the resistance level with boundaries 4831 — 4956.

Long positions will remain relevant as long as the market is above the nearest daily timeframe support level with boundaries 4257 — 4360.

Apple Inc (AAPL)

The trend remains bullish. The last broken level is resistance (234.06 — 235.12). The breakout occurred 3 days ago.

A correction wave is developing. An entry point for buying on a bounce will appear after this correction completes.

Long positions will remain relevant as long as the market is above the nearest support level with boundaries 223.78 — 224.90.

NVIDIA Corp (NVDA)

The market remains in a downtrend; an impulse wave is developing. The last broken level is support (167.22 — 170.00). The breakout occurred 1 day ago. New entry points for selling on a bounce on the daily timeframe will appear after a correction forms.

The intermediate target for the downward movement is the support level with boundaries 151.49 — 152.98. If the trend develops successfully, a more distant target will be at the support level 140.86 — 141.97.

Short positions will remain relevant as long as the market is below the nearest resistance level with boundaries 181.98 — 184.47.

Tesla Inc (TSLA)

The market remains in a bullish trend; 2 days ago, the correction completed, and an entry point for buying on a bounce formed; an impulse wave is developing. The intermediate target for the upward movement is the resistance level with boundaries 351.94 — 355.39.

If the market successfully holds above this resistance, this will open the way for price movement to target #2 – the resistance level with boundaries 356.17 — 357.54. Long positions will remain relevant as long as the market is above the nearest support level with boundaries 314.60 — 320.11. A breakout will signal a change in the medium-term trend.

Summary

In the medium term, GBPUSD, USDJPY, and BTC show the most attractive profit-to-risk ratio and a nearly completed correction on the daily timeframe.

Soon, EURUSD, USDCHF, USDCAD, AAPL, and TSLA may be worthy of attention depending on the depth of the market correction.