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)
- Tesla Inc (TSLA)
- Summary
Euro (EURUSD)
The bullish trend continues, a corrective wave is developing. The last broken level is resistance (1.1559 — 1.1580). The breakout occurred 8 candlesticks ago.
Upon the resumption of the upward movement, the first target will be the resistance level with boundaries at 1.1680 — 1.1711. In the event of a successful trend development, a further target will be at the resistance level with boundaries at 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 insignificant (around 0.7:1). When choosing a further target — around 1.7:1. If the correction ends near the support level (1.1510 — 1.1526), the potential profit/risk ratio could be approximately 2.5:1. For a further target — about 4.5:1. If the correction ends near the last broken level, the potential profit/risk ratio could be around 1:1. When evaluating a further target — approximately 2.1:1.
Long positions will remain relevant as long as the market is above the nearest support level with boundaries at 1.1510 — 1.1526. If the market successfully consolidates below this support, the trend will reverse to the opposite (bearish).
EURUSD. Technical analysis. D1.
Swiss Franc (USDCHF)
The bearish trend continues, a corrective wave is developing. 2 candlesticks ago, the price reacted to the level, but there is no confirmation yet. The last broken level is support (0.8055 — 0.8069). The breakout occurred 8 candlesticks ago.
The intermediate target for the downward movement is the support level with boundaries at 0.7947 — 0.7973. In the event of a successful trend development, a further target will be at the support level with boundaries at 0.7794 — 0.7808.
If the correction ends near the resistance level (0.8140 — 0.8146), the potential profit/risk ratio could be more than 2:1. When choosing a further target — approximately 5:1.
Short positions will remain relevant as long as the market stays below the nearest daily timeframe resistance level with boundaries at 0.8140 — 0.8146. If the market successfully consolidates above this nearest resistance, the trend will reverse to the opposite (bullish).
USDCHF. Technical analysis. D1.
Japanese Yen (USDJPY)
The bullish trend continues, an impulse wave is developing. Buy entry points may appear after the formation of a correction. The last broken level is resistance (159.63 — 159.77). The breakout occurred on the last closed candlestick.
The intermediate target for the upward movement is the resistance level with boundaries at 163.86 — 163.98.
If the next correction ends near the support level (158.00 — 158.16), the potential profit/risk ratio could be more than 5:1. If the correction ends near the last broken level (159.63 — 159.77), the potential profit/risk ratio could be around 1.6:1.
Long positions will remain relevant as long as the market is above the nearest support level with boundaries at 158.00 — 158.16. If the market successfully consolidates 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. A sell entry point may form after the completion of the current correction. The last broken level is support (1.3842 — 1.3868). The breakout occurred 8 candlesticks ago.
Upon the resumption of the downward movement, the first target will be the support level with boundaries at 1.3729 — 1.3767. In the event of a successful trend development, a further target will be at the support level with boundaries at 1.3548 — 1.3580.
If the correction ends near the resistance level (1.3897 — 1.3910), the potential profit/risk ratio could be around 1.8:1. When choosing a further target — about 4:1.
Short positions will remain relevant as long as the market is below the nearest resistance level with boundaries at 1.3897 — 1.3910. 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 corrective wave is developing. The last broken level is resistance (0.7038 — 0.7055). The breakout occurred 18 candlesticks ago.
Upon the resumption of the upward movement, the first target will be the resistance level with boundaries at 0.7184 — 0.7200. In the event of a successful trend development, a further target will be at the resistance level with boundaries at 0.7262 — 0.7271.
If the correction ends near the support level (0.7135 — 0.7148), the potential profit/risk ratio could be insignificant (around 0.8:1). When choosing a further target — approximately 2.1:1.
Long positions will remain relevant as long as the market is above the nearest support level with boundaries at 0.7135 — 0.7148. 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, a corrective wave is developing. The last broken level is resistance (78335 — 79464). The breakout occurred 3 candlesticks ago.
Upon the resumption of the upward movement, the first target will be the resistance level with boundaries at 81051 — 82006. In the event of a successful trend development, a further target will be at the resistance level with boundaries at 89185 — 90439.
If the next correction ends near the support level (76909 — 77830), the potential profit/risk ratio could be around 1.1:1. For a further target — about 3.5:1.
Long positions will remain relevant as long as the market is above the nearest support level with boundaries at 76909 — 77830. If the market successfully consolidates below this support, the trend will reverse to the opposite (bearish).
BTC. Technical analysis. D1.
Ether (ETH)
The bullish trend continues, an impulse wave is developing. The last broken level is resistance (1884 — 1922). The breakout occurred 11 candlesticks ago.
Upon the resumption of the upward movement, the first target will be the resistance level with boundaries at 2515 — 2546. In the event of a successful trend development, a further target will be at the resistance level with boundaries at 3022 — 3041.
The potential profit/risk ratio from current prices, when setting targets and fixing risks according to the daily timeframe levels, may be small (about 0.3:1). When choosing a further target — approximately 3:1. If the correction ends near the support level (2409 — 2443), the potential profit/risk ratio could be insignificant (about 0.6:1). For a further target — about 4:1.
Long positions will remain relevant as long as the market is above the nearest support level with boundaries at 2409 — 2443. If the market successfully consolidates below this support, the trend will reverse to the opposite (bearish).
ETH. Technical analysis. D1.
Apple Inc (AAPL)
The bullish trend continues, a correction ended 3 candlesticks ago, an impulse wave is developing. The last broken level is resistance (314.34 — 316.29). The breakout occurred 8 candlesticks ago.
The intermediate target for the upward movement is the resistance level with boundaries at 340.08 — 344.57.
The potential profit/risk ratio from current prices, when setting targets and fixing risks according to the daily timeframe levels, could be around 1.1:1.
Long positions will remain relevant as long as the market is above the nearest support level with boundaries at 307.01 — 309.35. If the market successfully consolidates below this support, the trend will reverse to the opposite (bearish).
AAPL. Technical analysis. D1.
Tesla Inc (TSLA)
The bullish trend continues, a corrective wave is developing. The last broken level is resistance (342.33 — 351.26). The breakout occurred 6 candlesticks ago, and the price has returned to this last broken level.
Upon the resumption of the upward movement, the first target will be the resistance level with boundaries at 362.86 — 366.50. In the event of a successful trend development, a further target will be at the resistance level with boundaries at 386.05 — 386.61.
If the correction ends near the support level (342.53 — 345.27), the potential profit/risk ratio could be approximately 1.3:1. When choosing a further target — around 3:1.
Long positions will remain relevant as long as the market is above the nearest daily timeframe support level with boundaries at 342.53 — 345.27. If the market successfully consolidates below this support, the trend will reverse to the opposite (bearish).
TSLA. Technical analysis. D1.
Summary
From a medium-term trading perspective, the financial instruments with a correction nearing completion on the Daily timeframe and/or the potentially most promising profit/risk ratio can be identified as: USDCHF. Depending on the depth of the market correction, the following may soon be worthy of attention: USDCAD, TSLA, EURUSD, AUDUSD.
The remaining financial instruments on the watchlist may also be of interest, but conditions for a rebound on the daily timeframe in these markets will likely appear no earlier than in a week.