Your weekly outlook of technical patterns and structure.

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

Forex: Sterling Against the Tide Right Now

Daily Timeframe –

On track to pencil in a third consecutive losing session, GBP/USD has been on the ropes since stripping bids from support at $1.2584. Now defined as resistance, the dollar’s continued rally throws light on the 200-day simple moving average at $1.2424 as the next downside target for the currency pair, closely shadowed by another layer of support from $1.2272.

Commodities: WTI Oil Clears Major Resistance

Weekly Timeframe –

Following last week’s one-sided +7.5% advance, WTI oil is exploring space above support at $85.20, refreshing YTD highs. Assuming further outperformance, the next potential technical headwind resides at resistance from $91.71.

Given the scope to navigate higher levels on the weekly scale and the Relative Strength Index (RSI) showing room to push further north of the 50.00 centreline (positive momentum), this could be a market that attracts buyers on the lower timeframes over the coming weeks.

Equities: Nasdaq 100 Overbought?

Daily Timeframe –

After testing the upper Bollinger Band (set to two standard deviations based on a 20-period simple moving average), combined with an ‘alternate’ AB=CD bearish formation at 15,616 (denoted by a 1.272% Fibonacci projection), we have seen the index gradually level off in recent days.

The reaction, therefore, could see further selling to revert to its mean—the 20-day SMA—in the coming days, currently around 15,115. This dynamic value also shares chart space near the 61.8% Fibonacci retracement ratio at 14,965, a common final downside target for AB=CD sellers (derived from legs A-D of the AB=CD pattern).

Cryptocurrency: XRP/USD Caught Between Long-Term Support and Resistance

Weekly Timeframe –

 Current action on XRP/USD reveals the major altcoin is sandwiched between trendline support taken from the low of $0.3000 and resistance from $0.53650.

Considering the lack of bullish intent seen thus far and the Relative Strength Index (RSI) recently elbowing beneath its 50.00 centreline (negative momentum), rupturing the trendline support could be on the table in the coming weeks, which could open the door for additional underperformance in the direction of support at $0.33854.

Charts: Trading View

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