Your weekly outlook of technical patterns and structure.

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

Forex: US Dollar Index to Target Higher Levels?

Monthly Timeframe –

While most are projecting USD weakness, the US Dollar Index recently saw price rebound from support at 99.67 (complemented by two nearby Fibonacci ratios [38.2% and 61.8%] at 98.72 and 98.95, respectively). This and a clear uptrend since 2011 could entice longer-term dip-buyers.

Commodities: Short-Term Downside Risk for Spot Silver (XAG/USD)

Daily Timeframe –

XAG/USD stepped below two key levels of support at $23.98 and $24.10 yesterday, both of which are now marked as potential resistances. With the room available for price to target support between $23.09 and $23.31 and the Relative Strength Index (RSI) crossing under its 50.00 centreline (negative momentum), further underperformance could be seen, at least in the short term.

Equities: S&P 500 – Daily Support Eyed

With a clear uptrend visible on the monthly chart, the reaction from weekly resistance—made up of channel resistance taken from the high of 4,100 and horizontal resistance at 4,595—could be short-lived. Consequently, support on the daily timeframe at 4,473 could be worth noting as trend followers may look to buy any dip from the aforementioned level in anticipation of continued upside, targeting the all-time high of 4,818.

Cryptocurrency: Technical Confluence on ETH/USD

Daily Timeframe –

ETH/USD is seen approaching an area of technical confluence (support), consisting of a horizontal support zone at $1.737-$1,786, a trendline support extended from the low of $1,074 and a lower Bollinger Band set to three standard deviations based on a 20-day SMA. Therefore, this could be an area where buyers make a show from.

Still, it is important to note that a bearish pennant pattern is forming on the monthly timeframe. Though given that this is monthly structure, it will likely be a while before we see a breakout to the downside, if at all.

Charts: Trading View

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