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

Forex: EUR/GBP sellers could continue to dominate

Monthly and daily timeframes:

Following price action rejecting monthly trendline resistance (extended from the high of £0.9504), with room to continue south until monthly support at £0.8229-£0.8315, EUR/GBP (euro versus the British pound) bears may continue to dominate south of trendline support on the daily timeframe.

As you can see from the daily chart, price action has recently engulfed a trendline support (derived from the low of £0.8241) and a descending resistance (from the high of £0.8474), and is retesting the underside of these lines. This swings the pendulum in favour of sellers and could lead to a move towards daily support from £0.8379.

Commodities: Double-bottom pattern off multi-year lows for WTI Oil?

Daily Timeframe:

Price action on the daily timeframe of WTI Oil (West Texas Intermediate) is on the verge of completing a double-bottom pattern from lows not seen since early 2021. Should price engulf the pattern’s neckline – drawn from the high of US$64.83 – further buying may emerge to challenge April 2025 highs.

Equities: Bullish hammer patterns across the board for US equities

Monthly Timeframe:

With risk sentiment remaining positive, technical traders who entered long positions based on the monthly hammer candlestick patterns that formed at the end of April across US equity indexes remain in profit. Current buyers will likely target the all-time highs as the initial upside objective.

Cryptocurrency: Overhead resistance could prove challenging for DOG/USD

Daily Timeframe:

With the Relative Strength Index registering overbought conditions, and price action fast approaching a resistance zone between US$0.2698 and US$0.2574, DOG/USD (Dogecoin versus the US dollar) sellers could soon make an appearance in this market, aiming for US$0.2061 support. The noted resistance is made up of a trendline resistance (extended from the all-time high of US$0.4671), as well as horizontal resistance and a moderate Fibonacci cluster.

Charts created using TradingView

Written by FP Markets Chief Market Analyst Aaron Hill