Your weekly outlook of technical patterns and structure.

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

Forex: USD/JPY Exploring Space North of ¥150.00

Daily Timeframe –

Following yesterday’s close above the widely watched ¥150.00 psychological level, we have seen the currency pair retest the upper boundary of this base today and appears poised to deliver support.

The question, of course, is where the pair is headed next.

Monthly resistance at ¥152.20 offers a logical upside objective, technically speaking. Notably, this monthly level also joins hands with monthly channel resistance taken from the high of ¥125.86.

Commodities: Spot Gold (XAU/USD) Bulls Remain on the Offensive

Daily Timeframe –

Spot gold in $ terms shows price action on the daily timeframe attempting to find acceptance above resistance at $1,988. This follows a rebound from support at $1,962 at the beginning of the week.

Further outperformance for the yellow metal could have price dethrone the $2,000 psychological level and take aim at resistance from $2,035.

Equities: Failed Bullish Morning Star for the S&P 500

Daily Timeframe –

Recent price action out of the daily timeframe for the S&P 500 chalked up a failed bullish morning star candlestick formation. This has led the index further beneath its 200-day simple moving average at 4,238 and placed a bold question mark on neighbouring support at 4,191. And engulfing the aforementioned barrier could open the door to further downside towards support at 4,104.

Cryptocurrency: BTC/USD Eyeing Beyond $36,000?

Daily Timeframe –

It would be remiss not to feature Bitcoin’s recent price movement against the greenback.

As seen from the daily chart of BTC/USD, we are significantly higher this week (+15.0% WTD) and recently cleared resistance at $34,048. While it’s true that the Relative Strength Index (RSI) is within striking distance of testing indicator resistance nestled high within overbought space at 89.35, the price chart exhibits scope to continue pressing north until reaching resistance coming in at $36,361.

Charts: Trading View

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