COT-based Markets Weekly Overview for January 24–30

Key topics

E-Mini S&P500 (ESH22)

The market remains in the bearish trend and the impulse wave develops. A pullback selling opportunity will appear after the correction formation on the Daily timeframe. Short positions will remain relevant until the market is below the nearest resistance level on the Daily timeframe, the highs of January 11–18.

Dollar Index (DXY)

The market remains in the bearish trend. The correction came to an end last week and the pullback selling opportunity was formed. Short positions will remain relevant until the market is below the nearest resistance level on the Daily timeframe, the highs of January 3–7.

Euro (EURUSD)

EURUSD currency pair remains in the uptrend. The correction came to an end last week and the pullback buying opportunity was formed. Long positions (EURUSD) will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of January 18–21.

Swiss Franc (USDCHF)

USDCHF currency pair remains in the uptrend. The correction came to an end last week and the pullback buying opportunity was formed. Long positions (USDCHF) will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of January 12–18.

British Pound (GBPUSD)

GBPUSD currency pair remains in the uptrend. The correction came to an end last week and the pullback buying opportunity was formed. Long positions (GBPUSD) will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of January 6–8.

Japanese Yen (USDJPY)

USDJPY currency pair remains in the uptrend. The correction came to an end last week and the pullback buying opportunity was formed. Long positions (USDJPY) will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of January 12–17.

WTI Crude Oil (CLH22)

The market remains in the uptrend and the correction wave develops. A pullback buying opportunity will appear after the correction completion on the Daily timeframe. Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of January 7–12.

Canadian Dollar (USDCAD)

The resistance level was broken on the Daily timeframe on Friday, the trend is bullish now and the impulse wave develops. A pullback buying opportunity will appear after the correction formation on the Daily timeframe. Long positions (USDCAD) will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of January 17–21.

Gold (XAUUSD)

The market remains in the uptrend and the correction wave develops. A pullback buying opportunity will appear after the correction completion on the Daily timeframe. Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of January 14–19.

Silver (XAGUSD)

The market remains in the uptrend. The correction came to an end last week and the pullback buying opportunity was formed. Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of January 13–19.

Australian Dollar (AUDUSD)

AUDUSD currency pair remains in the bullish trend. The correction came to an end last week and the pullback buying opportunity was formed. Long positions (AUDUSD) will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of January 14–20.

New Zealand Dollar (NZDUSD)

NZDUSD currency pair remains in the bearish trend. The correction came to an end last week and the pullback selling opportunity was formed. Short positions (NZDUSD) will remain relevant until the market is below the nearest resistance level on the Daily timeframe, the highs of January 12–17.

Russian Rouble (USDRUB)

USDRUB currency pair remains in the bullish trend. The correction came to an end last week and the pullback buying opportunity was formed. Long positions (USDRUB) will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of January 14–18.

Conclusions

In terms of medium-term trading, financial instruments with the correction close to completion on the Daily timeframe and with potentially the most promising risk-reward ratio are AUDUSD, EURUSD, GBPUSD, silver and Dollar Index.

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