Your weekly outlook of technical patterns and structure.

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

Forex: AUD/USD Testing Lower Perimeter of Descending Triangle

Daily Timeframe –

The daily chart of AUD/USD is seen testing the grit of the lower boundary of a descending triangle at $0.6364 after manoeuvring beneath support at $0.6401 (now marked resistance). Should the lower limit of the triangle give way, given that this formation is often viewed as a continuation pattern, this could encourage breakout selling towards support at $0.6126.

Also worth noting is that the AUD/USD currency pair has been trending lower since pencilling in a top at $0.7158 at the beginning of February.

Commodities: WTI Oil Eyeing $100?

Daily Timeframe –

The price of WTI oil continues to navigate higher and recently ventured north of resistance at $93.62. With this level poised to potentially deliver support, further outperformance could be seen in this market, targeting resistance at $98.28, closely shadowed by the $100 psychological level.

Equities: AB=CD and Channel Support Combination for the S&P 500

Weekly Timeframe –

This week has landed the S&P 500 on the doorstep of an AB=CD bullish pattern at 4,268 (represented by a 100% projection ratio), complemented by channel support from the low of 3,491. Should buyers step in at this point, it is common to see traders/investors set take-profit targets based on the 38.2% and 61.8% Fibonacci retracement ratios derived from legs A-D.

Cryptocurrency: ETH/USD Descending Triangle, Anyone?

Daily Timeframe –

Price action on the daily chart of ETH/USD is seen forming a descending triangle pattern, made up between $1,542 and $1,744. In the event price action holds the retest of the descending line, aided by the Relative Strength Index (RSI) nearing the lower side of its 50.00 centreline, this could spark a sell-off in ETH/USD and eventually see a breakout lower of the descending triangle. Given these are generally viewed as continuation patterns, this could further prompt selling.

Charts: Trading View

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