Your weekly outlook of technical patterns and structure.

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

Forex: Sterling Eyes Trendline Resistance-Turned-Support Level

Weekly Timeframe –

Up nearly 5.0% YTD and trending northbound since pencilling in record lows of $1.0357 in September 2022, GBP/USD is on the verge of retesting trendline resistance-turned-support taken from the high of $1.4250.

Commodities: Absent of Support, XAU/USD to Potentially Target Lower Levels

Daily Timeframe –

Spot gold, in dollar terms, ventured south of key support at $1,918. Potentially serving as resistance going forward, the break lower has opened the door for follow-through downside toward support coming in at $1,857.

Note that the yellow metal has trended southbound since establishing a top just south of the all-time high of $2,075.

Equities: Nasdaq 100 Overbought; Mean Reversion, Anyone?

Weekly Timeframe –

After refreshing YTD tops in mid-June at 15,284 and probing the upper boundary of the Bollinger Band (set to two standard deviations based on a 20-period SMA), this volatility indicator suggests that this market could be gearing up for a correction. This is emphasised through the Relative Strength Index (RSI), challenging overbought levels not seen since late 2020 (just ahead of indicator resistance at 77.02).

Cryptocurrency: BTC/USD Carving Out a Pennant Pattern

Daily Timeframe –

Since bottoming in November 2022, BTC/USD has been entrenched in an uptrend. Recent movement—23 June—printed fresh YTD highs of $31,443 and has begun carving out what appears to be a pennant pattern between $29,539 and $31,443.

Given the present uptrend, a breakout above the pennant pattern could trigger breakout buying interest, targeting as far north as $37,199: the pennant pattern’s profit objective.

Charts: Trading View

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