Your weekly outlook of technical patterns and structure.

The Research Team scans the financial markets for you, highlighting clear and actionable technical structures.

Forex: EUR/USD Challenging Resistance

H4 Timeframe –

Recent action bolstered Europe’s single currency, consequently lifting the EUR/USD to resistance at $1.1025, which happens to closely share space with an equal AB=CD bearish formation at $1.1038 (a 100% projection ratio) and a 50.0% retracement ratio at $1.1031, as well as the upper Bollinger Band, set to two standard deviations based on a 20-period SMA.

Commodities: WTI Crude Oil Approaching Major Resistance

Daily Timeframe –

After another positive day yesterday, the daily price of WTI oil is fast approaching a key level of resistance around $86.36, complemented by an ‘alternate’ AB=CD resistance at $85.49 (1.618% Fibonacci projection ratio) and a 38.2% Fibonacci retracement ratio at $86.56.

Equities: S&P 500 to Drop In on 50-Day SMA?

Following last week’s post, the S&P 500 has maintained a bearish bias after rejecting resistance on the weekly timeframe last week, made up of channel resistance taken from the high of 4,100 and horizontal resistance at 4,595. This has placed support on the daily timeframe at 4,473 in a tentative position and perhaps unbolted the door for further downside to the 50-day simple moving average, currently circling 4,427.

However, with a clear uptrend on the monthly chart and today’s US CPI data, dip buyers could still show interest in 4,473.

Cryptocurrency: BTC/USD Fading Underside of 50-Day SMA in Uptrend

Daily Timeframe –

BTC/USD is seen rejecting the underside of its 50-day simple moving average, currently at $29,971. Now while the trend is to the upside in this market, there is scope for this major crypto to drop lower and retest support coming in at $27,221: a horizontal base complemented by the 200-day simple moving average at $27,072. This would mark a -15.0% correction from the $31,862 top (13 July), similar to the earlier correction between April and June of this year between $31,050 and $24,750 (-20.0%).

Charts: Trading View

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