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The Pattern Pulse – 13 June 2024

The Pattern Pulse – 13 June 2024, FP Markets

Your weekly outlook of technical patterns and structure.

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

Forex: EUR/USD Eyeing Possible Whipsaw

Following yesterday’s FOMC-induced advance from daily support between $1.0726 and $1.0739, chart studies on the daily timeframe demonstrate the scope to navigate higher terrain until reaching a resistance zone between $1.0920 and $1.0883.

Given the daily structure and having seen H1 price trading within striking distance of $1.08 support, this could prompt buyers at this level. However, with support positioned below the big figure at $1.0795, a whipsaw below $1.08 into the said support could be seen before buyers attempt to make a show.

The Pattern Pulse – 13 June 2024, FP MarketsCommodities: Wheat on the Doorstep of Technical Support

Daily Timeframe –

Versus the US dollar, the price of wheat is within close proximity of support from $622.45, which happens to be joined by ascending support, taken from a high of $583.20. Assuming a response from the support area, resistance can be seen overhead at $656.94.

The Pattern Pulse – 13 June 2024, FP MarketsEquities: Rising Wedge for the Dow, Anyone?

Weekly Timeframe –

While the majority of major US equity indexes are refreshing all-time highs, the Dow Jones Industrial Average (Dow) is in the process of pencilling in a rising wedge pattern, drawn from 39,889 and 37,611. This is also accompanied by the Relative Strength Index (RSI) forming negative divergence.

Does this mean the Dow is likely to break lower and attack support at 36,573? No, not necessarily. This could be just a case of the market index taking a breather before resuming its upward trajectory. However, should a breakout below the lower boundary of the rising wedge unfold, sellers may get involved, targeting support.

The Pattern Pulse – 13 June 2024, FP MarketsCryptocurrency: LTC/USD Recoiling from Support

Daily Timeframe –

The price of Litecoin versus the US dollar (LTC/USD) recently rebounded from support at $77.48. This level is noteworthy given its historical significance as both support and resistance. Overhead, resistance calls for attention at $84.05 in the form of an ascending line (taken from the low of $70.83) and a descending line (from a high of $89.63).

The Pattern Pulse – 13 June 2024, FP MarketsDISCLAIMER: The information contained in this material is intended for general advice only. It does not consider your investment objectives, financial situation or particular needs. FP Markets has made every effort to ensure the accuracy of the information as at the date of publication. FP Markets does not give any warranty or representation as to the material. Examples included in this material are for illustrative purposes only. To the extent permitted by law, FP Markets and its employees shall not be liable for any loss or damage arising in any way (including by way of negligence) from or in connection with any information provided in or omitted from this material. Features of the FP Markets products including applicable fees and charges are outlined in the Product Disclosure Statements available from FP Markets website, www.fpmarkets.com and should be considered before deciding to deal in those products. Derivatives can be risky; losses can exceed your initial payment. FP Markets recommends that you seek independent advice. First Prudential Markets Pty Ltd trading as FP Markets ABN 16 112 600 281, Australian Financial Services License Number 286354.



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