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The Pattern Pulse – 6 June 2024

The Pattern Pulse – 6 June 2024, FP Markets

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: Completed Bearish Pennant Pattern on the US Dollar Index

Daily Timeframe –

The US Dollar Index recently completed a bearish pennant formation, a pattern derived from 104.08 and 105.11. This was accompanied by a break below the 200-day simple moving average (SMA) at 104.43 and follows an early downtrend: a number of lower lows and lower highs have formed since the high at 106.52 on 16 April.

As evident from the daily chart, since the Index broke to the downside we have seen price retest the lower side of the 200-day SMA, which has held as resistance. Should this continue, additional selling could unfold towards support from 103.62, followed by another layer of support at 102.92 and the bearish pennant’s profit objective at 102.74.

The Pattern Pulse – 6 June 2024, FP MarketsCommodities: Platinum Welcomes AB=CD Support

Daily Timeframe –

Versus the US dollar, Platinum observed a modest rebound on Wednesday from AB=CD support at $987.79, which happened to be accompanied by horizontal support at $990. As you can see, the precious metal is trending higher overall, and an AB=CD bullish formation can (and often does) be used to dip buy into the trend.

Technically, harmonic traders traditionally take aim at the 38.2% and 61.8% Fibonacci retracement ratios derived from legs A-D ($1,028 and $1,053).

The Pattern Pulse – 6 June 2024, FP MarketsEquities: Is There No Stopping Nvidia?

Daily Timeframe –

Nvidia (ticker: NVDA) recorded fresh record highs of $1,224 yesterday, hauling the Nasdaq and the S&P 500 along for the ride (both also refreshed all-time highs).

The recent surge higher in the stock left behind an upside gap between $1,166 and $1,174, which, assuming a correction materialises from recent highs (think potential profit-taking, for example), could be an area that dip-buyers make a show from. Support also calls for attention at $1,096.

The Pattern Pulse – 6 June 2024, FP MarketsCryptocurrency: BTC/USD Breaking Out!

Since March this year, price action on the weekly timeframe has outlined a potential bullish flag pattern, drawn from the all-time high of $73,845 and a low of $60,717. As you can see, the upper boundary is currently being challenged and is poised to cede ground. On the daily chart, the decision point area at $64,612-$66,484 held ground and opened the door to an inverted head and shoulders pattern’s (off $56,478) profit objective at $73,756, which aligns with the major crypto’s all-time high.

Given this technical context, it would appear buyers are set to remain in command and a test of all-time highs should not raise too many eyebrows.

The Pattern Pulse – 6 June 2024, FP MarketsDISCLAIMER: 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.



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