Your weekly outlook of technical patterns and structure.

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

Forex: AUD/USD Bears In Control

While the AUD/USD shows signs of trending higher on the daily chart – a series of higher highs and higher lows have been seen since $0.6362 – the unit recently connected with resistance at $0.6659, a move bolstered by the monthly chart linking with the upper boundary of a potential bearish pennant formation, drawn from a high of $0.7158 and a low of $0.6170.

Coupled with the above analysis and the Relative Strength Index (RSI) holding south of the 50.00 centreline on the monthly chart and daily flow also poised to break through the 50.00 centreline, this could prompt further selling in the currency pair towards the 200-day and 50-day SMA combination between $0.6528 and $0.6560.

Commodities: Platinum Approaching Key Support

Daily Timeframe –

Versus the US dollar, Platinum is inching closer to a notable area of support after refreshing year-to-date highs of $1,095 last week.

Having seen price action pencil in a clear uptrend since February this year, a test of support between $987 and $1,002 could have dip-buyers make a show. The support area consists of two horizontal support levels around $990, one of which represents a failed Quasimodo resistance (turned possible support), a descending support line, extended from the high of $1,013, a 38.2% Fibonacci retracement ratio and a 50.0% retracement ratio at $997 as well as a 100% projection ratio coming in from $987.

Equities: S&P 500 on the Doorstep of a Decision Point Zone

Daily Timeframe –

Following last week’s all-time high of 5,341, price action on the daily timeframe is on the doorstep of familiar support from 5,261. With this level having already been tested and failed to deliver fresh highs, the next port of call for buyers is likely the decision point area at 5,210-5,240, which happens to share space closely with the 50-day SMA at 5,178.

Given the clear-cut trend higher and the Relative Strength Index (RSI) fast approaching a retest of a breached trendline resistance, as well as the decision point area calling for attention at 5,210-5,240, this could be a zone buyers draw to.

Cryptocurrency: BTC/USD Challenging Upper Limit of Potential Bullish Flag

Weekly Timeframe –

Since March this year, we have seen price action chalk up a potential bullish flag pattern, drawn from the all-time high of $73,845 and $60,717.

You can also see that price recently faded the upper boundary of this pattern formation, which could mean further selling is on the table for BTC/USD to retest the lower boundary of the pattern and also perhaps revisit support from $56,796 (or even a nearby decision point area at $50,619-$53,057). However, should bulls take over at current levels, a breakout above the pattern’s limit, a move completing the pattern, could attract follow-through buying and send price action beyond record highs.

DISCLAIMER: 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.