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: Dollar Index Showing Scope to Explore Higher Terrain

Monthly/Daily Timeframes:

With room for monthly price to run for resistance at 109.33 and the daily timeframe rebounding from support between 105.48 and 105.80 (also joined by channel support, taken from the low of 100.18, and a trendline resistance-turned-support line, extended from the high of 107.35), this could set the US Dollar Index up for further outperformance over the coming weeks.

Commodities: Double-Bottom Pattern Brewing on Silver

Daily Timeframe:

The price of silver versus the US dollar (XAG/USD) is currently chalking up a double-bottom pattern at around US$29.66 ahead of trendline support, extended from the low of US$21.93. Should price break through the pattern’s neckline, taken from the high of US$31.53, this could lead the precious metal to resistance at US$32.95, followed by a possible run to year-to-date highs of US$34.86.

Equities: Bullish Flag for the Dow?

H4 Timeframe:

With major US equity indices continuing to rally to fresh record highs, price action on the H4 timeframe is seen pencilling in a possible bullish flag pattern between 45,071 and 44,710. A breakout to the upside here could mean the major index refreshes all-time highs and opens the door to buying opportunities.

Cryptocurrency: Dogecoin Preparing to Move Lower?

Daily Timeframe:

Despite a near-200% gain in November and recently clocking an all-time high of US0.4630, price action on the daily timeframe for DOG/USD (Dogecoin versus the US dollar) demonstrates some hesitation as price action tentatively fluctuates between the limits of an ascending triangle (made up between US0.4381 and US$0.3478).

As you will see from the chart below, Monday printed a false breakout to the upside, likely trapping several buyers (bull trap) and indicating possible weakness at current levels.

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