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 Vulnerable to the Downside

Monthly Timeframe –

Ahead of today’s ECB rate decision, the euro has been on the ropes against the US dollar since pencilling in a top at $1.1276 in July at a monthly resistance from $1.1233. Technically, the currency pair appears poised to continue pressing south toward monthly support at $1.0516.

Commodities: XAU/USD Eyeing Support

Daily Timeframe –

Spot gold (XAU/USD) is on track to record its third consecutive losing day after recently probing beneath support at $1,919 (now marked resistance) and the 200-day simple moving average at $1,921. This, coupled with the Relative Strength Index (RSI) exploring sub 50.00 (negative momentum) and the US Dollar Index poised to climb higher, could see XAU/USD make its way toward support at $1,899 in the coming days.

Equities: TESLA (TSLA) Poised to Reconnect with Trendline Resistance?

Weekly Timeframe –

Following a rebound from long-term support at $219.86, aided by the Relative Strength Index (RSI) also rebounding from the 50.00 centreline (positive momentum), Tesla (TSLA) is again on the verge of connecting with trendline resistance taken from the high of $414.50.

Given that the stock failed to print any meaningful low following the last test of trendline resistance, a break north of the noted level could be on the table over the coming weeks.

Cryptocurrency: XRP/USD Exploring Space South of Trendline Support

Weekly Timeframe –

Last week’s release touched on XRP/USD, which, at the time of writing, was testing trendline support taken from the low of $0.3000.

The Research Team noted the following:

Considering the lack of bullish intent seen thus far and the Relative Strength Index (RSI) recently elbowing beneath its 50.00 centreline (negative momentum), rupturing the trendline support could be on the table in the coming weeks, which could open the door for additional underperformance in the direction of support at $0.33854.

As you can see, a trendline support break came to fruition. Is this now a sell-on-rally market?

Charts: Trading View

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