We examine the most important levels for key financial instruments and likely scenarios for developments.
Key Topics
- Euro (EURUSD)
- British Pound (GBPUSD)
- Swiss Franc (USDCHF)
- Japanese Yen (USDJPY)
- Canadian Dollar (USDCAD)
- Australian Dollar (AUDUSD)
- Bitcoin (BTC)
- Ether (ETH)
- Apple Inc (AAPL)
- Tesla Inc (TSLA)
- Summary
Euro (EURUSD)
The bullish trend continues, an impulse wave is developing. The last broken level is resistance (1.1590 — 1.1627). The breakout occurred 24 candlesticks ago.
The intermediate target for the upward movement is the resistance level with boundaries 1.1748 — 1.1785. In case of successful trend development, the further target will be at the resistance level with boundaries 1.1895 — 1.1927.
The potential profit/risk ratio from current prices when setting targets and fixing risks at daily timeframe levels may be small (approximately 0.1:1). When using the further target — approximately 1.2:1.
Long positions will remain relevant, as long as the market is above the nearest support level with boundaries 1.1677 — 1.1692. If the market successfully closes below this support, the trend will reverse to the opposite (bearish).
EURUSD. Technical Analysis. D1.
British Pound (GBPUSD)
The bullish trend continues, an impulse wave is developing. An entry point for buying on rebound may form after correction formation. The last broken level is resistance (1.3538 — 1.3576). The breakout occurred 7 candlesticks ago.
The first target will be the resistance level with boundaries 1.3653 — 1.3662. In case of successful trend development, the further target will be at the resistance level with boundaries 1.3827 — 1.3848.
The potential profit/risk ratio from current prices when setting targets and fixing risks at daily timeframe levels may be small (around 0.1:1). When using the further target — around 1:1. If the correction completes in the support level area (1.3523 — 1.3532), the potential profit/risk ratio may be approximately 1.4:1. When selecting the further target — around 3:1. If the correction completes in the area of the last broken level (1.3538 — 1.3576), the potential profit/risk ratio may be insignificant (around 0.8:1). When assessing the further target — approximately 2:1.
Long positions will remain relevant, as long as the market is above the nearest support level with boundaries 1.3523 — 1.3532. If the market successfully closes below this support, the trend will reverse to the opposite (bearish).
GBPUSD. Technical Analysis. D1.
Swiss Franc (USDCHF)
The bearish trend continues, an impulse wave is developing after the breakout. The last broken level is support (0.7764 — 0.7782). The breakout occurred on the last closed candlestick.
The intermediate target for the downward movement is the support level with boundaries 0.7746 — 0.7760. In case of successful trend development, the further target will be at the support level with boundaries 0.7627 — 0.7662.
If the new correction completes in the resistance level area (0.7835 — 0.7848), the potential profit/risk ratio may be around 1.1:1. When using the further target — around 2.5:1.
Short positions will remain relevant, as long as the market remains below the nearest resistance level with boundaries 0.7835 — 0.7848. If the market successfully closes above this nearest resistance, the trend will reverse to the opposite (bullish).
USDCHF. Technical Analysis. D1.
Japanese Yen (USDJPY)
The bearish trend continues, an impulse wave is developing. The last broken level is support (158.90 — 159.35). The breakout occurred 7 candlesticks ago.
The intermediate target for the downward movement is the support level with boundaries 155.47 — 155.86. In case of successful trend development, the further target will be at the support level with boundaries 152.51 — 152.68.
The potential profit/risk ratio from current prices when setting targets and fixing risks at daily timeframe levels may be small (approximately 0.4:1). When using the further target — approximately 1.6:1. If the next correction completes in the resistance level area (157.68 — 157.89), the potential profit/risk ratio may be around 1.2:1. When using the further target — around 3:1.
Short positions will remain relevant, as long as the market remains below the nearest resistance level with boundaries 157.68 — 157.89. If the market successfully closes above this nearest resistance, the trend will reverse to the opposite (bullish).
USDJPY. Technical Analysis. D1.
Canadian Dollar (USDCAD)
The bearish trend continues, a corrective wave is developing. An entry point for selling on rebound may form after completion of the current correction. The last broken level is support (1.3595 — 1.3626). The breakout occurred 7 candlesticks ago.
The intermediate target for the downward movement is the support level with boundaries 1.3548 — 1.3580.
If the new correction completes in the resistance level area (1.3688 — 1.3710), the potential profit/risk ratio may be around 1.4:1.
Short positions will remain relevant, as long as the market remains below the nearest resistance level with boundaries 1.3688 — 1.3710. If the market successfully closes above this nearest resistance, the trend will reverse to the opposite (bullish).
USDCAD. Technical Analysis. D1.
Australian Dollar (AUDUSD)
The bullish trend continues. A corrective wave is developing. The last broken level is resistance (0.7221 — 0.7227). The breakout occurred 3 candlesticks ago.
Long positions will remain relevant, as long as the market remains above the nearest support level with boundaries 0.7134 — 0.7167. If the market successfully closes below this support, the trend will reverse to the opposite (bearish).
AUDUSD. Technical Analysis. D1.
Bitcoin (BTC)
The trend has turned bullish, when 5 candlesticks ago the resistance level (78661 — 79488) was broken. A corrective wave is developing. Entry points for buying may appear after completion of the current correction.
The intermediate target for the upward movement is the resistance level with boundaries 81429 — 82792. In case of successful trend development, the further target will be at the resistance level with boundaries 89185 — 90439.
If the correction completes in the support level area (74959 — 75776), the potential profit/risk ratio may be more than 2:1. When using the further target — more than 5:1. If the correction completes in the area of the last broken level (78661 — 79488), the potential profit/risk ratio may be small (approximately 0.4:1). When selecting the further target — around 1.7:1.
Long positions will remain relevant, as long as the market remains above the nearest support level with boundaries 74959 — 75776. If the market successfully closes below this nearest support, the trend will reverse to the opposite (bearish).
BTC. Technical Analysis. D1.
Ether (ETH)
The bearish trend continues, 3 candlesticks ago the correction completed, an impulse wave is developing. The last broken level is support (2302 — 2316). The breakout occurred 11 candlesticks ago, and the price returned to this last broken level.
The intermediate target for the downward movement is the support level with boundaries 2221 — 2253. In case of successful trend development, the further target will be at the support level with boundaries 2023 — 2053.
The potential profit/risk ratio from current prices when setting targets and fixing risks at daily timeframe levels may be small (around 0.3:1). When using the further target — approximately 1.3:1.
Short positions will remain relevant, as long as the market remains below the nearest resistance level with boundaries 2361 — 2423. If the market successfully closes above this nearest resistance, the trend will reverse to the opposite (bullish).
ETH. Technical Analysis. D1.
Apple Inc (AAPL)
The bullish trend continues, the price rebounded from the support zone, 4 candlesticks ago the correction completed, an impulse wave is developing. The last broken level is resistance (275.05 — 275.77). The breakout occurred 6 candlesticks ago.
No relevant levels for determining movement targets on the current timeframe have been identified.
Long positions will remain relevant, as long as the market is above the nearest support level with boundaries 276.50 — 276.93. If the market successfully closes below this support, the trend will reverse to the opposite (bearish).
AAPL. Technical Analysis. D1.
Tesla Inc (TSLA)
The bullish trend continues, after the recent breakout an impulse wave is developing. The last broken level is resistance (402.58 — 409.28). The breakout occurred 2 candlesticks ago.
The intermediate target for the upward movement is the resistance level with boundaries 430.30 — 436.35. In case of successful trend development, the further target will be at the resistance level with boundaries 457.80 — 458.34.
If the next correction completes in the support level area (384.02 — 386.25), the potential profit/risk ratio may be around 3:1. When using the further target — more than 4:1. If the correction completes in the area of the last broken level (402.58 — 409.28), the potential profit/risk ratio may be small (around 0.7:1). When selecting the further target — around 1.4:1.
Long positions will remain relevant, as long as the market remains above the nearest support level with boundaries 384.02 — 386.25. If the market successfully closes below this support, the trend will reverse to the opposite (bearish).
TSLA. Technical Analysis. D1.
Summary
From the perspective of medium-term trading, financial instruments with correction close to completion on Daily and/or potentially the most promising profit-to-risk ratios include: BTC, USDCAD. In the near future, they may warrant attention depending on the depth of market correction: EURUSD.
The remaining financial instruments on the trading list may also be interesting, but on these markets, rebound signals on Daily are likely to appear no earlier than in a week.