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The Pattern Pulse—29 February 2024

The Pattern Pulse—29 February 2024, FP Markets

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/NZD Offers Potentially Weak at Resistance

Daily Timeframe –

Following Aussie CPI data and the RBNZ holding the Official Cash Rate unchanged, the AUD/NZD cross has been well bid from support from NZ$1.0587 (a level boasting a history as far back as April 2023). Anyone following this minor currency pair this week may have also noted that the advance landed things at resistance from NZ$1.0673, which happens to share chart space with an ascending support-turned-potential resistance line, extended from the low of NZ$1.0470. Also located close by is another layer of resistance coming in at NZ$1.0702.

Therefore, although buying is robust now, the dovish shift from the RBNZ could make it difficult for the AUD/NZD to find willing sellers at the noted resistances. With that being said, follow-through buying here could see this pair target another resistance as far north as NZ$1.0803.

The Pattern Pulse—29 February 2024, FP MarketsCommodities: XAU/USD Bulls Poised to Take Resistance

Daily Timeframe –

Following on from last week’s analysis on spot gold (XAU/USD), you will note that the yellow metal continues to exhibit a clear-cut uptrend (visible on the weekly timeframe). However, since running stops below the $2,000 psychological level into support between $1,971 and $1,986 (a move noted to watch), buyers and sellers have been squaring off around resistance at $2,038.

In light of the uptrend and the lacklustre bearish response from $2,038 thus far, buyers are likely to remain at the wheel for the time being. Consequently, a breakout north of current resistance is perhaps on the table in favour of a follow-through move towards weekly resistance priced at $2,075.

The Pattern Pulse—29 February 2024, FP MarketsEquities: Tesla (TSLA) Rebounding from Channel Support

Weekly Timeframe –

From the weekly timeframe of Tesla (TSLA), support recently took shape between $168.18 and $183.10, an area consisting of Fibonacci ratios and channel support extended from the low of $212.36.

Trend studies show this market has exhibited early signs of a downtrend since July 2023 (series of lower lows and lower highs). Therefore, a recovery from the noted area of support will likely be viewed as not only an opportunity to explore medium-term long opportunities but also as a longer-term sell-on-rally scenario from resistance around $234.05 (which is also positioned near channel resistance taken from the high of $299.29 and longer-term trendline resistance, drawn from the all-time high of $414.50).

The Pattern Pulse—29 February 2024, FP MarketsCryptocurrency: BTC/USD Eyeing All-Time Highs

Weekly Timeframe –

Boosted on the back of record net inflows for spot Bitcoin Exchange-Traded Funds (ETFs) and driven by the anticipation of the upcoming Bitcoin halving, week-to-date has seen BTC/USD advance +24.0% (its largest one-week gain since 2021).

What’s technically interesting about the major crypto pairing, however, is that the all-time high (ATH) of $68,986 is now within striking distance. The only ceiling standing in its way of challenging and potentially refreshing ATHs is resistance on the weekly timeframe between $66,906 and $64,900. This is a substantial resistance zone, essentially made up of what are often referred to as Quasimodo resistance levels. Another technical observation worth highlighting is that the Relative Strength Index (RSI) is also seen fast approaching indicator resistance at 83.18, a level extended from as far back as early 2021.

Overall, this clearly remains a buyers’ market; however, the noted resistance could prove enough to slow down the current momentum and is worth monitoring for those holding long positions in this market.

The Pattern Pulse—29 February 2024, 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.



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