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: US Dollar Index on the Back Foot

Following yesterday’s US JOLTs report revealing that job openings in July fell to their lowest levels since early 2021, the US Dollar Index sold off from resistance at 101.78 on the daily timeframe.

Technically, the selling is unlikely to raise too many eyebrows. In addition to daily price exhibiting space to target support as far south as 100.60, the monthly timeframe demonstrates scope to further underperform toward support at 99.67, which shares space with the 50-month simple moving average at 100.02 and two Fibonacci retracement ratios around 98.72.

Consequently, sellers could remain in the driving seat ahead of today’s US ISM Services data.

Commodities: Spot Gold (XAU/USD) Eyeing Record Highs

Daily Timeframe –

Following all-time highs of US$2,531, support entered the fray on the daily timeframe at US$2,477. Withstanding two downside attempts, this support is attracting gold buyers, with the possibility of follow-through upside challenging the recently formed all-time highs and perhaps running for channel resistance, extended from the high of US$2,483.

Equities: S&P 500 Nearing Pattern Target

Daily Timeframe –

The S&P 500 fell sharply on Tuesday, shedding more than -2.0%. This completed a double-top pattern at 5,651 (just shy of all-time highs of 5,669) and positioned the Index within striking distance of the pattern’s take-profit objective at 5,472, which could serve as support. Complementing this level is the 50-day simple moving average at 5,505 and support at 5,488.

As a result, traders will likely monitor support between 5,472 and 5,505.

Cryptocurrency: BTC/USD Navigating South of 200-Day SMA

Daily Timeframe –

Bitcoin (BTC) versus the US dollar (USD) has recently ventured beneath its 200-day simple moving average (SMA) at US$58,012, down -1.8% today. Support is limited south of this dynamic value until US$47,963. Therefore, assuming the major crypto pairing remains below the 200-day SMA, this could be a sellers’ market until around the US$50,000 region.

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