Your weekly review of technical patterns and structure.

The research team scans the financial markets for you, highlighting clear and actionable technical structures.

Forex: USD/JPY Testing the Mettle of AB=CD Resistance

Daily Timeframe –

The past few days have seen the USD/JPY test the grip of a harmonic AB=CD resistance level at ¥140.34, denoted by a 100% projection ratio and a 1.272% Fibonacci extension at ¥140.22. Common downside objectives from the aforementioned structure target the 38.2% and 61.8% Fibonacci retracement ratios of legs A-D at ¥135.35 and ¥132.26, respectively.

Commodities: XAU/USD Testing Long-Term Trendline Support

Daily Timeframe –

After coming within a whisker of the all-time high of $2,075, spot gold (in $ terms) has pencilled in a retracement and shook hands with trendline support from the low of $1,616. This is accompanied by support at $1,949 and, for now, has delivered a sufficient floor for dip-buyers.

Equities: Nasdaq 100 Overbought?

Daily Timeframe –

Price action out of the Nasdaq 100 recently challenged the upper Bollinger Band (set to two standard deviations based on a 20-day simple moving average). Additional technical headwinds are observed through the 1.272% Fibonacci projection at 14,477 and the Relative Strength Index (RSI) testing overbought territory.

Does this imply a mean-reversion play back to the 20-day simple moving average at 13,594?

Cryptocurrency: BTC/USD Head and Shoulders Top Remains Active

Daily Timeframe –

The BTC/USD head and shoulders top pattern—formed from the 1.272% Fibonacci projection at $30,925—remains active after price action recently retested the underside of the neckline on two occasions (drawn from the low $26,525). Assuming sellers remain in command and take on the $25,860 lows, further selling could be seen towards the pattern’s profit objective at $23,052.

Charts: TradingView

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