Your weekly review of technical patterns and structure.

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

Forex: NZD/USD Challenging Support

Daily Timeframe –

Following the RBNZ signalling a pause in policy firming, the NZD/USD currency pair tumbled more than 2.0% yesterday and landed price at support from $0.6088 today. With the trend facing south, rupturing the aforementioned support could ignite breakout selling towards support from $0.5998.

Any rebound from current support could target ascending support-turned-resistance taken from the low of $0.6084.

Commodities: Silver Testing Pattern Objective

Daily Timeframe –

After breaking beneath a neckline ($24.51) of a double-top pattern formed around resistance at $25.85, spot silver (XAG/USD) followed through to the downside and is on the verge of shaking hands with the double-top pattern’s profit objective at $22.89.

Interestingly, considering this market’s uptrend since September 2022, the combination of $22.89 and a 50.0% retracement ratio at $23.01 as well as a 38.2% Fibonacci retracement ratio at $22.85, could be enough to trigger a reversal to the upside.

Equities: Dow Jones Industrial Average (DJI) Confronting 200-Day SMA

Daily Timeframe –

The daily price of the DJI is seen testing the mettle of its 200-day simple moving average at 32,774 after recording a fourth consecutive bearish close yesterday. While a rebound from the 200-day SMA is on the table, technical observations reveal an additional layer of support calling for attention below at 32,588, a level that’s accompanied by a 100% projection ratio at 32,489 (equivalent AB=CD bullish formation) and a 61.8% Fibonacci retracement ratio at 32,529.

Bonds: 10-Year Gilt at Resistance

Daily Timeframe –

Consisting of an 88.6% deep Fibonacci retracement ratio, a 1.618% Fibonacci projection ratio, a 100% projection ratio and a 1.272% Fibonacci projection ratio, resistance made a show between 4.436% and 4.334%.

Any rejection here could target support at 4.130% and perhaps 3.874%.

Cryptocurrency: ETH/USD Signalling Further Downside

Daily Timeframe –

The daily price of ETH/USD is seen retesting the underside of resistance at $1,845, which shares chart space with the 50-day simple moving average at $1,885. Additionally, the Relative Strength Index (RSI) recently retested the lower side of the 50.00 centreline.

Given the above technical structure, sellers appear to command control for now, targeting nearby support at $1,713.

Charts: TradingView

DISCLAIMER: 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.