Forex, Stocks & Crypto: Week at a Glance (Jan 26 – Feb 1)

Reviewing the most important levels across key financial instruments and likely development scenarios.

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)
• NVIDIA Corp (NVDA)
• Tesla Inc (TSLA)
• Summary

Euro (EURUSD)

The trend has turned bullish, when the resistance level (1.1668 — 1.1699) was broken out last week. The correction completed 2 candlesticks ago, a new impulse wave is developing.

The intermediate target for the upside move is the resistance level with boundaries 1.1871 — 1.1918.

The potential profit/risk ratio from current prices when setting targets and fixing risks at daily timeframe levels may be small (about 0.1:1).

Long positions will remain relevant as long as the market is above the nearest support level with boundaries 1.1574 — 1.1604. If the market successfully closes below this support, the trend will reverse to the opposite (bearish).

British Pound (GBPUSD)

The bullish trend continues, an impulse wave is developing. The last broken level is resistance (1.3466 — 1.3495). The breakout occurred 2 candlesticks ago.

The intermediate target for the upside move is the resistance level with boundaries 1.3653 — 1.3726.

If the next correction completes near the support level (1.3333 — 1.3372), the potential profit/risk ratio may be about 2.7:1. If the next correction completes near the last broken level (1.3466 — 1.3495), the potential profit/risk ratio may be small (about 0.7:1).

Long positions will remain relevant as long as the market is above the nearest support level with boundaries 1.3333 — 1.3372. If the market successfully closes below this support, the trend will reverse to the opposite (bearish).

Swiss Franc (USDCHF)

The bearish trend continues, the correction completed 2 candlesticks ago, an impulse wave is developing. The last broken level is support (0.7953 — 0.7969). The breakout occurred 4 candlesticks ago.

Short positions will remain relevant as long as the market remains below the nearest resistance level with boundaries 0.8033 — 0.8040. If the market successfully closes above this nearest resistance, the trend will reverse to the opposite (bullish).

Japanese Yen (USDJPY)

The trend has turned bearish, when the support level (157.98 — 157.98) was broken out on the last closed candlestick. An impulse wave is developing. An entry point for selling on rebound may appear after correction formation.

The intermediate target for the downside move is the support level with boundaries 154.40 — 154.77. In case of successful trend development, a further target will be at the support level with boundaries 152.82 — 152.95.

If the new correction completes near the resistance level (158.50 — 159.22), the potential profit/risk ratio may be about 2.5:1. When using the further target — more than 3:1. If the next correction completes near the last broken level (157.98 — 157.98), the potential profit/risk ratio may be about 1.3:1. When selecting the further target — about 2:1.

Short positions will remain relevant as long as the market remains below the nearest resistance level with boundaries 158.50 — 159.22. If the market successfully closes above this nearest resistance, the trend will reverse to the opposite (bullish).

Canadian Dollar (USDCAD)

The trend has turned bearish, when the support level (1.3854 — 1.3872) was broken out last week. An impulse wave is developing.

The intermediate target for the downside move is the support level with boundaries 1.3640 — 1.3670. In case of successful trend development, a further target will be at the support level with boundaries 1.3470 — 1.3488.

The potential profit/risk ratio from current prices when setting targets and fixing risks at daily timeframe levels may be small (about 0.1:1). When using the further target — also small (about 0.7:1).

Short positions will remain relevant as long as the market remains below the nearest resistance level with boundaries 1.3916 — 1.3928. If the market successfully closes above this nearest resistance, the trend will reverse to the opposite (bullish).

Australian Dollar (AUDUSD)

The bullish trend continues, an impulse wave is developing. The last broken level is resistance (0.6711 — 0.6725). The breakout occurred 4 candlesticks ago.

The intermediate target for the upside move is the resistance level with boundaries 0.6915 — 0.6942.

The potential profit/risk ratio from current prices when setting targets and fixing risks at daily timeframe levels may be small (about 0.1:1). If the next correction completes near the support level (0.6665 — 0.6679), the potential profit/risk ratio may be more than 3:1. If the next correction completes near the last broken level (0.6711 — 0.6725), the potential profit/risk ratio may be about 1.8:1.

Long positions will remain relevant as long as the market is above the nearest support level with boundaries 0.6665 — 0.6679. If the market successfully closes below this support, the trend will reverse to the opposite (bearish).

Bitcoin (BTC)

The trend has turned bearish, when the support level (89625 — 90385) was broken out. The breakout occurred 4 candlesticks ago. A corrective wave is developing. An entry point for selling on rebound may form after the current correction completes.

The intermediate target for the downside move is the support level with boundaries 87232 — 88311.

The potential profit/risk ratio from current prices when setting targets and fixing risks at daily timeframe levels may be small (about 0.1:1). If the next correction completes near the resistance level (96931 — 97861), the potential profit/risk ratio may be about 3:1.

Short positions will remain relevant as long as the market remains below the nearest resistance level with boundaries 96931 — 97861. If the market successfully closes above this nearest resistance, the trend will reverse to the opposite (bullish).

Ether (ETH)

The bullish trend continues, a corrective wave is developing. The last broken level is resistance (3296 — 3304). The breakout occurred 11 candlesticks ago.

The intermediate target for the upside move is the resistance level with boundaries 3355 — 3398. In case of successful trend development, a further target will be at the resistance level with boundaries 3583 — 3656.

If the correction completes near the support level (2891 — 2904), the potential profit/risk ratio may be about 3.4:1. When using the further target — about 5.1:1.

Long positions will remain relevant as long as the market remains above the nearest support level with boundaries 2891 — 2904. If the market successfully closes below this support, the trend will reverse to the opposite (bearish).

Apple Inc (AAPL)

The bearish trend continues, a corrective wave is developing. An entry point for selling on rebound may form after the current correction completes. The last broken level is support (255.70 — 257.02). The breakout occurred 5 candlesticks ago.

The intermediate target for the downside move is the support level with boundaries 245.13 — 247.45. In case of successful trend development, a further target will be at the support level with boundaries 225.95 — 226.79.

The potential profit/risk ratio from current prices when setting targets and fixing risks at daily timeframe levels may be less than 0.1:1. When using the further target — about 1.1:1. If the next correction completes near the resistance level (260.65 — 261.82), the potential profit/risk ratio may be about 2.3:1. For the further target — about 5.8:1. If the next correction completes near the last broken level (255.70 — 257.02), the potential profit/risk ratio may be insignificant (about 0.8:1). When selecting the further target — about 2.7:1.

Short positions will remain relevant as long as the market remains below the nearest resistance level with boundaries 260.65 — 261.82. If the market successfully closes above this nearest resistance, the trend will reverse to the opposite (bullish).

NVIDIA Corp (NVDA)

The trend has turned bearish, when the support level (183.02 — 183.22) was broken out. The breakout occurred 4 candlesticks ago. A corrective wave is developing. An entry point for selling on rebound may form after the current correction completes.

The intermediate target for the downside move is the support level with boundaries 177.61 — 178.07. In case of successful trend development, a further target will be at the support level with boundaries 168.41 — 170.29.

The potential profit/risk ratio from current prices when setting targets and fixing risks at daily timeframe levels may be small (about 0.9:1). When using the further target — about 1.7:1. If the correction completes near the resistance level (190.53 — 192.69), the potential profit/risk ratio may be about 2:1. When selecting the further target — about 3:1.

Short positions will remain relevant as long as the market remains below the nearest resistance level with boundaries 190.53 — 192.69. If the market successfully closes above this nearest resistance, the trend will reverse to the opposite (bullish).

Tesla Inc (TSLA)

The bearish trend continues, a corrective wave is developing. An entry point for selling on rebound may form after the current correction completes. The last broken level is support (424.37 — 427.89). The breakout occurred 4 candlesticks ago.

The intermediate target for the downside move is the support level with boundaries 417.44 — 419.25. In case of successful trend development, a further target will be at the support level with boundaries 383.76 — 391.09.

The potential profit/risk ratio from current prices when setting targets and fixing risks at daily timeframe levels may be about 1.5:1. When using the further target — about 3:1. If the correction completes near the resistance level (450.20 — 454.30), the potential profit/risk ratio may be about 2:1. When assessing the further target — about 4:1.

Short positions will remain relevant as long as the market remains below the nearest resistance level with boundaries 450.20 — 454.30. If the market successfully closes above this nearest resistance, the trend will reverse to the opposite (bullish).

Summary

From the medium-term trading perspective, financial instruments with correction nearing completion on Daily and/or potentially the most promising profit/risk ratios include: NVDA, TSLA. Soon, depending on the market correction depth, may deserve attention: EURUSD, GBPUSD, USDCHF, USDJPY.

The remaining financial instruments on the trading list may also be interesting, but on these markets Daily bounce signals will likely appear no earlier than in a week.