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)
- NVIDIA Corp (NVDA)
- Tesla Inc (TSLA)
- Summary
Euro (EURUSD)
The bullish trend continues, a corrective wave is developing again. An entry point for buying on rebound may form after the current correction completes. The last broken level is resistance (1.1590 — 1.1627). The breakout occurred 14 candlesticks ago.
The intermediate target for the upward movement is the resistance level with boundaries 1.1807 — 1.1849. In case of successful trend development, a further target will be at the resistance level with boundaries 1.1968 — 1.1973.
If the correction completes near the support level (1.1471 — 1.1521), the potential profit/risk ratio may be approximately 3:1. When using a further target — more than 4:1. If the correction completes near the last broken level (1.1590 — 1.1627), the potential profit/risk ratio may be insignificant (around 0.9:1). When selecting a further target — approximately 1.6:1.
Long positions will remain relevant as long as the market is above the nearest support level with boundaries 1.1471 — 1.1521. If the market successfully settles below this support, the trend will reverse to the opposite (bearish).
EURUSD. Technical analysis. D1.
British Pound (GBPUSD)
The bullish trend continues, a corrective wave is developing. An entry point for buying on rebound may form after the current correction completes. The last broken level is resistance (1.3302 — 1.3347). The breakout occurred 14 candlesticks ago.
Upon resumption of the upward movement, the first target will be the resistance level with boundaries 1.3575 — 1.3599. In case of successful trend development, a further target will be at the resistance level with boundaries 1.3683 — 1.3712.
The potential profit/risk ratio from current prices when setting targets and fixing risks based on daily timeframe levels may be small (around 0.1:1). When using a further target — also small (approximately 0.3:1). If the correction completes near the support level (1.3156 — 1.3196), the potential profit/risk ratio may be approximately 3:1. When selecting a further target — around 4:1. If the correction completes near the last broken level (1.3302 — 1.3347), the potential profit/risk ratio may be insignificant (around 0.9:1). For a further target — approximately 1.3:1.
Long positions will remain relevant as long as the market is above the nearest support level with boundaries 1.3156 — 1.3196. If the market successfully settles below this nearest support, the trend will reverse to the opposite (bearish).
GBPUSD. Technical analysis. D1.
Swiss Franc (USDCHF)
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 (0.7788 — 0.7809). The breakout occurred 5 candlesticks ago.
The intermediate target for the downward movement is the support level with boundaries 0.7773 — 0.7782. In case of successful trend development, a further target will be at the support level with boundaries 0.7668 — 0.7689.
The potential profit/risk ratio from current prices when setting targets and fixing risks based on daily timeframe levels may be small (around 0.3:1). When using a further target — also small (approximately 0.7:1). If the new correction completes near the resistance level (0.8010 — 0.8018), the potential profit/risk ratio may be approximately 3:1. When selecting a further target — more than 4:1.
Short positions will remain relevant as long as the market remains below the nearest resistance level with boundaries 0.8010 — 0.8018. If the market successfully settles above this nearest resistance, the trend will reverse to the opposite (bullish).
USDCHF. Technical analysis. D1.
Japanese Yen (USDJPY)
The bullish trend continues, the correction completed 5 candlesticks ago, an impulse wave is developing. The last broken level is resistance (159.81 — 159.90). The breakout occurred 21 candlesticks ago.
The intermediate target for the upward movement is the resistance level with boundaries 160.27 — 160.46.
The potential profit/risk ratio from current prices when setting targets and fixing risks based on daily timeframe levels may be small (approximately 0.4:1).
Long positions will remain relevant as long as the market is above the nearest support level with boundaries 158.23 — 158.62. If the market successfully settles below this support, the trend will reverse to the opposite (bearish).
USDJPY. Technical analysis. D1.
Canadian Dollar (USDCAD)
The bearish trend continues, a corrective wave is developing again after a weak impulse. An entry point for selling on rebound may form after the current correction completes. The last broken level is support (1.3850 — 1.3853). The breakout occurred 13 candlesticks ago.
The intermediate target for the downward movement is the support level with boundaries 1.3629 — 1.3644. In case of successful trend development, a further target will be at the support level with boundaries 1.3479 — 1.3491.
If the new correction completes near the resistance level (1.3849 — 1.3877), the potential profit/risk ratio may be approximately 2.5:1. When using a further target — more than 4:1. If the correction completes near the last broken level (1.3850 — 1.3853), the potential profit/risk ratio may be approximately 2:1. When selecting a further target — more than 3:1.
Short positions will remain relevant as long as the market remains below the nearest resistance level with boundaries 1.3849 — 1.3877. If the market successfully settles 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. An entry point for buying on rebound may form after the current correction completes. The last broken level is resistance (0.6929 — 0.6962). The breakout occurred 14 candlesticks ago.
The intermediate target for the upward movement is the resistance level with boundaries 0.7178 — 0.7221.
The potential profit/risk ratio from current prices when setting targets and fixing risks based on daily timeframe levels may be small (approximately 0.1:1). If the correction completes near the support level (0.6983 — 0.7018), the potential profit/risk ratio may be approximately 2:1.
Long positions will remain relevant as long as the market is above the nearest support level with boundaries 0.6983 — 0.7018. If the market successfully settles below this support, the trend will reverse to the opposite (bearish).
AUDUSD. Technical analysis. D1.
Bitcoin (BTC)
The bullish trend continues, a corrective wave is developing. An entry point for buying on rebound may form after the current correction completes. The last broken level is resistance (68233 — 69230). The breakout occurred 19 candlesticks ago.
The intermediate target for the upward movement is the resistance level with boundaries 78694 — 79323. In case of successful trend development, a further target will be at the resistance level with boundaries 89185 — 90439.
The potential profit/risk ratio from current prices when setting targets and fixing risks based on daily timeframe levels may be small (around 0.2:1). When using a further target — approximately 2:1. If the correction completes near the support level (73776 — 73854), the potential profit/risk ratio may be around 2:1. When using a further target — more than 6:1.
Long positions will remain relevant as long as the market remains above the nearest support level with boundaries 73776 — 73854. If the market successfully settles below this support, the trend will reverse to the opposite (bearish).
BTC. Technical analysis. D1.
Ether (ETH)
The bullish trend continues, a corrective wave is developing again. An entry point for buying on rebound may form after the current correction completes. The last broken level is resistance (2139 — 2166). The breakout occurred 19 candlesticks ago.
The intermediate target for the upward movement is the resistance level with boundaries 2376 — 2423. In case of successful trend development, a further target will be at the resistance level with boundaries 3022 — 3041.
If the new correction completes near the support level (2255 — 2265), the potential profit/risk ratio may be approximately 1.1:1. When using a further target — around 7:1.
Long positions will remain relevant as long as the market is above the nearest support level with boundaries 2255 — 2265. If the market successfully settles below this support, the trend will reverse to the opposite (bearish).
ETH. Technical analysis. D1.
Apple Inc (AAPL)
The bullish trend continues, a corrective wave is developing again. An entry point for buying on rebound may form after the current correction completes. The last broken level is resistance (260.48 — 262.19). The breakout occurred 8 candlesticks ago.
The intermediate target for the upward movement is the resistance level with boundaries 275.05 — 275.77. In case of successful trend development, a further target will be at the resistance level with boundaries 286.20 — 288.62.
If the new correction completes near the support level (265.40 — 266.17), the potential profit/risk ratio may be approximately 1.4:1. When using a further target — around 3:1.
Long positions will remain relevant as long as the market is above the nearest support level with boundaries 265.40 — 266.17. If the market successfully settles below this support, the trend will reverse to the opposite (bearish).
AAPL. Technical analysis. D1.
NVIDIA Corp (NVDA)
The bullish trend continues, an impulse wave is developing after the level breakout. The last broken level is resistance (202.50 — 202.75). The breakout occurred on the last closed candlestick.
Long positions will remain relevant as long as the market remains above the nearest support level with boundaries 197.22 — 199.64. If the market successfully settles below this support, the trend will reverse to the opposite (bearish).
NVDA. Technical analysis. D1.
Tesla Inc (TSLA)
The bullish 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 resistance (381.26 — 383.14). The breakout occurred 8 candlesticks ago.
The intermediate target for the upward movement is the resistance level with boundaries 402.58 — 409.28. In case of successful trend development, a further target will be at the resistance level with boundaries 430.30 — 436.35.
If the correction completes near the support level (337.25 — 343.15), the potential profit/risk ratio may be approximately 3.4:1. When using a further target — around 4.9:1.
Long positions will remain relevant as long as the market remains above the nearest support level with boundaries 337.25 — 343.15. If the market successfully settles below this support, the trend will reverse to the opposite (bearish).
TSLA. Technical analysis. D1.
Summary
From a medium-term trading perspective, financial instruments with a correction nearing completion on Daily and/or potentially the most promising profit-to-risk ratios include: EURUSD, USDJPY, BTC, ETH. The following may soon be worth attention depending on the depth of market correction: GBPUSD, USDCHF, AAPL.
The remaining financial instruments on the trading list may also be of interest, but rebound signals on Daily are likely to appear no earlier than in a week on these markets.