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The Pattern Pulse – 23 January 2025

The Pattern Pulse – 23 January 2025, FP Markets

Your weekly outlook of technical patterns.

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

Forex: Inverted Head and Shoulders Pattern on NZD/USD

Daily Timeframe:

Versus the US dollar (USD), the New Zealand dollar (NZD) has been on the ropes since October 2024, with rallies swiftly sold. The new year, however, kicked off pencilling in a complex inverted head and shoulders pattern off US$0.5540 – lows not seen since late 2022.

As evident from the daily chart, Monday witnessed the NZD/USD overwhelm the pattern’s neckline (taken from the high of US$0.5692), completing the pattern and unearthing its profit objective at US$0.5787. Therefore, according to this pattern, further upside is anticipated.

The Pattern Pulse – 23 January 2025, FP MarketsCommodities: Gold Nearing All-Time Highs

Daily Timeframe:

According to the current price action on spot Gold (XAU/USD), the precious metal finished a third day in the green on Wednesday and touched gloves with resistance from US$2,758. Previous resistance now serves as possible support at US$2,722.

If Gold were to absorb offers at current resistance, the all-time high would call for attention at US$2,790, closely shadowed by a 1.272% Fibonacci projection ratio at US$2,823.

The Pattern Pulse – 23 January 2025, FP MarketsEquities: Major US Equity Indexes Circling Record Highs

Daily Timeframes:

As you can see from the daily charts of key US equity indices, buyers remain in command north of the 50-month simple moving averages (SMAs). The S&P 500 touched a fresh record high of 6,100 yesterday, with the Dow Jones Industrial Average and the Nasdaq closing in on all-time highs of 45,073 and 22,133, respectively.

The Pattern Pulse – 23 January 2025, FP MarketsCryptocurrency: BTC/USD Rangebound

Daily Timeframe:

According to technical studies on the daily chart, Bitcoin versus the US dollar (BTC/USD) is now consolidating between support from US$91,591 and US$108,396.

US$100,000 remains a widely watched barrier within the consolidation, along with the 50-day SMA at US$97,615. Despite the ranging action, BTC/USD is entrenched in a bullish trend with a clear upside bias. Consequently, should price action gain a foothold off US$100,000 as support, all-time highs could be on the table.

The Pattern Pulse – 23 January 2025, 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.

 

 

  • The Pattern Pulse – 23 January 2025, FP Markets
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