We review the most important levels for key financial instruments and probable scenarios.
Key topics
- Euro (EURUSD)
- Swiss Franc (USDCHF)
- Japanese Yen (USDJPY)
- Canadian Dollar (USDCAD)
- Australian Dollar (AUDUSD)
- Bitcoin (BTC)
- Ether (ETH)
- Apple Inc (AAPL)
- NVIDIA Corp (NVDA)
- Tesla Inc (TSLA)
- Summary
Euro (EURUSD)
The bullish trend continues, a correction completed 4 candlesticks ago, an impulse wave is developing. The last broken level is resistance (1.1464 — 1.1482). The breakout occurred 7 candlesticks ago.
An intermediate target for the upward movement is the resistance level with boundaries 1.1609 — 1.1622. In case of a successful trend development, a further target will be at the resistance level with boundaries 1.1809 — 1.1809.
The potential profit/risk ratio from current prices when setting targets and fixing risks according to the daily timeframe levels may be small (around 0.4:1). When using a further target, it is about 2:1.
Long positions will remain relevant as long as the market is above the nearest support level of the daily timeframe with boundaries 1.1499 — 1.1509. If the market successfully consolidates below this support, the trend will reverse to the opposite (bearish).
EURUSD. Technical analysis. D1.
Swiss Franc (USDCHF)
The bullish trend continues, a correction wave is developing. The last broken level is resistance (0.8103 — 0.8115). The breakout occurred 2 candlesticks ago.
An intermediate target for the upward movement is the resistance level with boundaries 0.8195 — 0.8206. In case of a successful trend development, a further target will be at the resistance level with boundaries 0.8275 — 0.8348.
The potential profit/risk ratio from current prices when setting targets and fixing risks according to the daily timeframe levels may be approximately 1:1. When using a further target, it is about 2:1. If the correction completes near the support level (0.8037 — 0.8050), the potential profit/risk ratio may be about 2:1. For a further target, it is approximately 3:1.
Long positions will remain relevant as long as the market is above the nearest support level of the daily timeframe with boundaries 0.8037 — 0.8050. If the market successfully consolidates below this support, the trend will reverse to the opposite (bearish).
USDCHF. Technical analysis. D1.
Japanese Yen (USDJPY)
The bearish trend continues, an impulse wave is developing. The last broken level is support (161.26 — 161.66). The breakout occurred 7 candlesticks ago.
An intermediate target for the downward movement is the support level with boundaries 155.21 — 157.17. In case of a successful trend development, a further target will be at the support level with boundaries 152.27 — 152.68.
The potential profit/risk ratio from current prices when setting targets and fixing risks according to the daily timeframe levels may be small (around 0.1:1). When choosing a further target, it is also small (approximately 0.7:1). If the next correction completes near the resistance level (163.86 — 163.98), the potential profit/risk ratio may be approximately 4:1. For a further target, it is more than 6:1. If the correction completes near the last broken level (161.26 — 161.66), the potential profit/risk ratio may be approximately 1:1. When evaluating a further target, it is about 2:1.
Short positions will remain relevant as long as the market remains below the nearest resistance level with boundaries 163.86 — 163.98. If the market successfully consolidates above this nearest resistance, the trend will reverse to the opposite (bullish).
USDJPY. Technical analysis. D1.
Canadian Dollar (USDCAD)
The bearish trend continues, an impulse wave is developing. The last broken level is support (1.3989 — 1.4010). The breakout occurred on the last closed candlestick.
An intermediate target for the downward movement is the support level with boundaries 1.3768 — 1.3780. In case of a successful trend development, a further target will be at the support level with boundaries 1.3548 — 1.3580.
If the next correction completes near the resistance level (1.4067 — 1.4080), the potential profit/risk ratio may be more than 3:1. When choosing a further target, it is about 6:1. If the correction completes near the last broken level (1.3989 — 1.4010), the potential profit/risk ratio may be approximately 1.4:1. For a further target, it is more than 2:1.
Short positions will remain relevant as long as the market remains below the nearest resistance level with boundaries 1.4067 — 1.4080. If the market successfully consolidates above this nearest resistance, the trend will reverse to the opposite (bullish).
USDCAD. Technical analysis. D1.
Australian Dollar (AUDUSD)
The bullish trend continues, a new impulse wave is likely forming. The last broken level is resistance (0.7038 — 0.7055). The breakout occurred 3 candlesticks ago.
Upon the resumption of the upward movement, the first target will be the resistance level with boundaries 0.7073 — 0.7088. In case of a successful trend development, a further target will be at the resistance level with boundaries 0.7184 — 0.7200.
If the correction completes near the support level (0.6982 — 0.6999), the potential profit/risk ratio may be approximately 1.3:1. For a further target, it is about 3:1. If the correction completes near the last broken level (0.7038 — 0.7055), the potential profit/risk ratio may be small (around 0.2:1). When choosing a further target, it is about 1.1:1.
Long positions will remain relevant as long as the market is above the nearest support level with boundaries 0.6982 — 0.6999. If the market successfully consolidates below this support, the trend will reverse to the opposite (bearish).
AUDUSD. Technical analysis. D1.
Bitcoin (BTC)
The bullish trend continues, the price has reacted to the level — a new impulse wave is likely forming. The last broken level is resistance (64960 — 65508). The breakout occurred 18 candlesticks ago.
An intermediate target for the upward movement is the resistance level with boundaries 66507 — 66910. In case of a successful trend development, a further target will be at the resistance level with boundaries 73755 — 74154.
If the next correction completes near the support level (62227 — 62763), the potential profit/risk ratio may be approximately 2:1. When choosing a further target, it is more than 6:1.
Long positions will remain relevant as long as the market is above the nearest support level of the daily timeframe with boundaries 62227 — 62763. If the market successfully consolidates below this nearest support, the trend will reverse to the opposite (bearish).
BTC. Technical analysis. D1.
Ether (ETH)
The trend has changed to bearish, a correction wave is developing. The last broken level is support (1856 — 1873). The breakout occurred 7 candlesticks ago.
An intermediate target for the downward movement is the support level with boundaries 1821 — 1843. In case of a successful trend development, a further target will be at the support level with boundaries 1712 — 1743.
If the correction completes near the resistance level (1953 — 1976), the potential profit/risk ratio may be more than 1.5:1. When choosing a further target, it is about 3:1.
Short positions will remain relevant as long as the market remains below the nearest resistance level with boundaries 1953 — 1976. If the market successfully consolidates above this nearest resistance, the trend will reverse to the opposite (bullish).
ETH. Technical analysis. D1.
Apple Inc (AAPL)
The bearish trend continues, a correction wave is developing. The last broken level is support (319.35 — 321.66). The breakout occurred 6 candlesticks ago.
An intermediate target for the downward movement is the support level with boundaries 300.00 — 302.73. In case of a successful trend development, a further target will be at the support level with boundaries 279.85 — 281.17.
The potential profit/risk ratio from current prices when setting targets and fixing risks according to the daily timeframe levels may be small (around 0.3:1). When using a further target, it is also insignificant (about 0.8:1). If the correction completes near the resistance level (340.08 — 344.57), the potential profit/risk ratio may be about 3:1. For a further target, it is about 5:1. If the correction completes near the last broken level (319.35 — 321.66), the potential profit/risk ratio may be small (approximately 0.5:1).
Short positions will remain relevant as long as the market is below the nearest resistance level with boundaries 340.08 — 344.57. If the market successfully consolidates above this nearest resistance, the trend will reverse to the opposite (bullish).
AAPL. Technical analysis. D1.
NVIDIA Corp (NVDA)
The trend has changed to bullish, a correction wave is developing. The last broken level is resistance (212.06 — 214.39). The breakout occurred 3 candlesticks ago.
An intermediate target for the upward movement is the resistance level with boundaries 227.18 — 232.28.
The potential profit/risk ratio from current prices when setting targets and fixing risks according to the daily timeframe levels may be small (around 0.1:1). If the correction completes near the support level of 190.01, the potential profit/risk ratio may be more than 4:1. If the correction completes near the last broken level (212.06 — 214.39), the potential profit/risk ratio may be insignificant (about 0.4:1).
Long positions will remain relevant as long as the market is above the nearest support level of 190.01. If the market successfully consolidates below this support, the trend will reverse to the opposite (bearish).
NVDA. Technical analysis. D1.
Tesla Inc (TSLA)
The bearish trend continues, a correction wave is developing. The last broken level is support (390.50 — 393.99). The breakout occurred 16 candlesticks ago.
An intermediate target for the downward movement is the support level with boundaries 315.52 — 317.05.
The potential profit/risk ratio from current prices when setting targets and fixing risks according to the daily timeframe levels may be small (about 0.7:1). If the correction completes near the resistance level (327.35 — 329.57), the potential profit/risk ratio may be insignificant (around 0.7:1).
Short positions will remain relevant as long as the market remains below the nearest resistance level with boundaries 327.35 — 329.57. If the market successfully consolidates above this nearest resistance, the trend will reverse to the opposite (bullish).
TSLA. Technical analysis. D1.
Summary
From the perspective of medium-term trading, the financial instruments with a correction nearing completion on the Daily timeframe and/or potentially the most promising profit-to-risk ratio can be identified as: ETH. In the near future, depending on the depth of the market correction, the following might be worthy of attention: USDCHF, AAPL, TSLA.
The other financial instruments on the trading list may also be of interest, but the conditions for a rebound on the daily timeframe in these markets will likely not appear for at least a week.