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The Pattern Pulse – 20 June 2024

The Pattern Pulse – 20 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/GBP Struggling to Find Grip at Support

Daily Timeframe –

The EUR/GBP cross recently shook hands with support made up of Fibonacci ratios between £0.8408 and £0.8434 (consisting of 78.6% and 88.6% retracement ratios and a 1.618% projection ratio). While buyers have attempted to make a stand from the aforementioned area, the trend has largely favoured bears since November’s top (2023) at £0.8766. A clear descending resistance also warrants attention overhead that may discourage buying, extended from November’s peak.

Given the current structure/trend, traders (and investors) may watch the descending resistance – as well as resistance marked above at £0.8500 – for selling opportunities over the coming weeks.

The Pattern Pulse – 20 June 2024, FP MarketsCommodities: Keep it Simple on WTI Oil

Daily Timeframe –

WTI oil elbowed through resistance at $79.92 on Tuesday and pencilled in a high of $81.82 on Wednesday. The breached resistance could now deliver support if retested, with short-term buyers perhaps taking aim at trendline support-turned-resistance drawn from the low of $67.74.

The Pattern Pulse – 20 June 2024, FP MarketsEquities: S&P 500 Approaching Resistance Zone

Daily Timeframe –

The S&P 500, as well as the Nasdaq, printed yet another record high at 5,488 yesterday!

However, while this evidently remains a buyers’ market, potential resistance is visible overhead in the form of channel resistance, etched from the high of 5,325 and a 100% projection ratio coming in at 5,580. Couple the said area with the Relative Strength Index (RSI) recording its highest overbought signal (76.90) since late 2023, and this could be a location from which countertrend selling unfolds (and profit taking).

The Pattern Pulse – 20 June 2024, FP MarketsCryptocurrency: ETH/USD Support and Resistance in View

Daily Timeframe –

The price of Ethereum versus the US dollar (ETH/USD) offers two key areas of note at the moment.

To the downside, support demands attention at $3,296, which happens to be joined by a 61.8% Fibonacci retracement ratio at $3,256. Although unlikely to enter the fight yet, a nearby trendline support is also seen, drawn from the low of $1,576.

To the upside, resistance is at $3,732, a level merging closely with a trendline resistance, taken from the high of $3,973, and a 61.8% Fibonacci retracement ratio at $3,740.

The Pattern Pulse – 20 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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