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

Forex: EUR/USD Eyeing US$1.07

Monthly, Daily, H1 Timeframes:

With price action on the monthly timeframe rejecting the underside of the 50-month simple moving average (SMA) at US$1.0927 and daily price recently completing a double-top pattern from the lower edge of said SMA (breaching the neckline taken from the low of US$1.0823), EUR/USD (euro versus the US dollar) bears will likely remain on the offensive until the pattern’s profit objective at US$1.0692. Given this, and seeing H1 price action recently fade resistance at US$1.0781, this could see the unit aim for US$1.07 the figure.

Commodities: All-Time Highs on the Cards for Gold?

Monthly and Daily Timeframes:

The price of Spot Gold (XAU/USD) remains well-bid from a daily decision point zone at US$2,983-US$3,004. This – coupled with price action on the monthly timeframe demonstrating the possibility for further outperformance towards a resistance zone between US$3,264 and US$3,187 (1.618% and 1.272% Fibonacci projection ratios, respectively) – could see the precious metal refresh all-time highs and target said monthly resistance. However, one caveat to consider is the monthly chart’s Relative Strength Index, which resides deep within overbought terrain and is shaking hands with familiar long-term resistance at 87.31-82.20.

Equities: Evening Star Suggests Bears May Take Control on the S&P 500

Daily Timeframe:

The daily chart of the S&P 500 ended Wednesday’s session by forming an ‘Evening Candlestick Pattern’ at the underside of the 200-day SMA at 5,756. This three-candle structure is considered a bearish signal among technical analysts, potentially leading the Index back to support from 5,570.

Cryptocurrency: BTC/USD Closing in on Resistance

Daily Timeframe:

Price action on the daily chart of BTC/USD (Bitcoin versus the US dollar) is fast approaching a key area of resistance I have been monitoring for a while now. Following the rebound from the 200-day SMA at US$78,453 earlier this month, the underside of a consolidation at US$91,591 has been on the radar as possible resistance. Given this area dovetails with trendline resistance extended from the all-time high of US$109,580 and the 50-day SMA from US$92,944, this is an area I feel sellers could respond to if tested.

Charts created using TradingView

Written by FP Markets Market Analyst Aaron Hill

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