Your weekly outlook of technical patterns and structure.

The research team scans the financial markets for you, highlighting clear and actionable technical structures.

Forex: GBP/JPY Overbought?

Daily Timeframe –

The GBP/JPY cross has been on a tear of late. MTD, the currency pair is higher by 3.0% and nearing long-term channel resistance taken from the high of ¥168.43. This ascending resistance is accompanied by a strong overbought reading out of the Relative Strength Index (RSI), approaching a level (79.46) not seen since April 2022.

Commodities: Major Channel Support Breach for Spot Gold

Daily Timeframe –

Leaving the 50-day simple moving average unchallenged at $1,985, spot gold (XAU/USD) has ventured south of channel support drawn from the low of $1,616 and unmasked neighbouring support from $1,919.

Not only have we breached a major support structure, but the recent downside move has helped reaffirm the early bearish trend reversal (lower lows/highs), alongside the Relative Strength Index (RSI) continuing to find acceptance beneath the 50:00 centreline.

Equities: France’s CAC40 Nearing Resistance

Daily Timeframe –

Since topping at 7,581 in April, sellers have largely controlled sentiment. The recent pullback from 7,083 (31 May) has landed price action on the doorstep of resistance at 7,380, a level complemented by a trendline support-turned-resistance drawn from the low of 5,704. Therefore, the combination of the aforementioned technical structures could welcome a sell-on-rally scenario.

Cryptocurrency: BTC/USD Eyeing Pattern Profit Objective

Daily Timeframe –

Between March and May, the daily price of BTC/USD pencilled in a head and shoulders top pattern around the $30,000 neighbourhood. Mid-May witnessed a neckline breach (drawn from the low of $26,525), which has opened up the possibility of follow-through downside towards the pattern’s profit objective at $23,052.

Charts: TradingView

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