Your weekly outlook of technical patterns and structure.

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

Forex: AUD/USD Testing Pattern Support

Monthly Timeframe –

Against the US dollar, the Australian dollar has, as of writing, snapped a two-month winning streak and is now on the doorstep of pattern support.

Based on the monthly chart, you will note that the AUD/USD is testing the lower boundary of a symmetrical triangle formation taken from $0.8007 and $0.5506. What’s technically interesting is this ascending base is joined by a descending resistance-turned-support extended from the high of $0.7661.

Is this enough to restore some confidence in the bulls? Drilling down to the H1 timeframe, a double-bottom pattern is forming at $0.6525 and has just completed (neckline breach at $0.6555).

Commodities: XAU/USD Fast Approaching Support

Daily Timeframe –

Spot gold (XAU/USD) has recently been on the back foot, movement leading the yellow metal to within striking distance of interesting support between $1,991 and $2,000 (constructed of an AB=CD bullish pattern [100% projection ratio] and a widely watched psychological level).

In a market trending higher—recently refreshing its all-time high at $2,148—the noted support zone could be a location where dip-buyers make a show. A point of note is that AB=CD longs tend to target the 38.2% and 61.8% Fibonacci retracement ratios derived from legs A-D.

Equities: Nasdaq 100 Echoing Overbought Conditions

Weekly Timeframe –

Although we have recently witnessed the Nasdaq 100 clock all-time highs at 16,969—made up of the largest non-financial companies listed on the Nasdaq Stock Exchange—upside momentum has noticeably slowed and the market index could be overheated (overbought). This is visible through both price action and the Relative Strength Index (RSI) as well as the slow Stochastic oscillator.

Does this mean the unit will print a reversal? Not necessarily. It could imply a pause (a breather) in price action and consolidate. In fact, you may acknowledge that the weekly price is poised to pencil in a potential bullish pennant pattern.

Cryptocurrency: BTC/USD Offering a Shooting Star Candlestick Pattern

Weekly Timeframe –

Last week delivered a shooting star (sometimes referred to as a bearish pin bar) candlestick formation off resistance on the weekly timeframe at $45,968.

While the price of BTC/USD is trending northbound (it has been since bottoming in November 2022), the combination of notable resistance and the shooting star bearish candlestick pattern could be sufficient to draw in additional underperformance to support at $38,809. Equally interesting is the Relative Strength Index (RSI) topping within overbought space ahead of resistance at 83.18 and recently dropping under the 70.00 overbought threshold (a bearish signal).

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