Your weekly outlook of technical patterns and structure.

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

Forex: US Dollar Index Pursuing Lower Levels

Monthly Timeframe –

Following the recent US inflation data, the US dollar has been under pressure. According to the US Dollar Index, the buck is down -2.5% MTD and exhibits scope to explore deeper water until support at 99.67 (complemented by two nearby Fibonacci ratios [38.2% and 61.8%] at 98.72 and 98.95, respectively).

You will also acknowledge that the Relative Strength Index (RSI) is testing the mettle of its 50.00 centreline, positioned nearby indicator trendline resistance-turned-support drawn from the high of 82.87. Between these two areas, indicator support may eventually form.

Commodities: WTI Crude Oil Attempting to Secure Grip above Trendline Resistance

Weekly Timeframe –

Following last week’s spirited advance (+4.5%), WTI oil has extended recovery gains this week and ventured north of trendline resistance taken from the high of $121.31. This may pave the way for price action to reach ascending support-turned-resistance taken from the low of $70.24, which happens to share chart space with an AB=CD resistance at $77.87 (denoted by way of a 100% projection). You will also note that this confluence area is closely shadowed by resistance at $80.87.

Equities: S&P 500 Breakout?

Acknowledging the scope to navigate higher on the monthly and weekly timeframes, price action on the daily timeframe recently tested the courage of resistance at 4,473 (and likely filled buy-stops). It could eventually open the door for breakout buying towards a daily Fibonacci Cluster at 4,537.

Cryptocurrency: LTC/USD Respecting Support

Daily Timeframe –

For those who read the latest Weekly Market Insight, you may recall that the Research Team noted that this market has been trending higher since mid-2022, along with the recent breakout above the symmetrical triangle’s upper boundary (extended from the high of $105.69). As you can see, price has thus far respected support at $95.13. Should the unit climb above neighbouring resistance at $102.30, this might encourage follow-through buying and subsequently target YTD highs of $114.98.

Charts: Trading View

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