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Bears in focus on BTC/USD A lot is happening on BTC/USD as AI jitters weigh on sentiment. The pair has been in an uptrend since bottoming at US$57,701 – the lowest level since late 2024. However, as you can see, a double-top pattern is in play (US$87,197) after the neckline was taken out at US$82,489. While support has since halted downside at US$80,540, today’s selling places a bold question mark on the noted support. If price dominantly breaks through the said support and trades below the 50-day SMA (currently aroun

Bearish flag for South Korea’s KOSPI, anyone?From the daily chart of South Korea’s KOSPI, price action is on track to form a bearish flag pattern between 5,450 and 5,809. If the index breaks lower, chart pattern enthusiasts could target as far south as 3,896. However, before price can reach that low, support is at 5,063, followed by another layer of support at 4,164, which happens to be centred just north of the noted downside objective at 3,896. Written by FP Markets Chief Market Analyst Aaron Hill

S&P 500 shaking hands with support confluence Keeping things simple this week, with the S&P 500 entrenched in a bullish uptrend, the recent pullback from all-time highs of 7,844 could be viewed as a dip-buying signal. I write this because of the support forming at the current price level, including dynamic support from the 50-day SMA at 7,707, ascending support extended from the low of 7,507, AB=CD support (100% projection ratio of 7,707), and 38.2% and 61.8% Fibonacci retracements at 7,716 and 7,704, respectively. Written by FP Markets C

AUD/USD inching towards H&S neckline support Following soft September Australian employment data and a considerable dovish RBA rate repricing over the last month, the AUD/USD is on the doorstep of a head-and-shoulders top pattern (US$0.7200) neckline, taken from the low of US$0.6833. In the event price does manoeuvre south of the noted neckline, neighbouring support calls for immediate attention at $0.6824, with further underperformance swinging the technical pendulum toward support at US$0.6665. Written by FP Markets Chief Market Analy

Gold bulls likely to remain on the ropes Gold bulls remain on the ropes as price continues to respect daily resistance at US$4,195, following a breach of a head-and-shoulders top pattern’s neckline, extended from the low of US$4,310. Collectively, this points to further underperformance for the yellow metal, initially targeting daily support from US$4,003, closely shadowed by the pattern’s profit objective at US$3,854. Written by FP Markets Chief Market Analyst Aaron Hill

EUR/USD eyeing US$1.1112 As shown in the monthly chart of EUR/USD, price has reacted at the AB=CD resistance between US$1.2069 and US$1.1930 and is on track to test the 38.2% Fibonacci level at US$1.1112 (typically the first downside objective for AB=CD sellers), which is positioned just north of the 50-month SMA at US$1.1031. With room for further underperformance on the chart, and French bonds clearly weighing on EUR/USD right now, sellers are likely to remain in the driving seat. Written by FP Markets Chief Market

Bullish engulfing pattern may fail on the Nasdaq 100 Despite yesterday’s textbook bullish engulfing pattern on the Nasdaq 100, price action on the daily chart is caught between two converging descending lines from 30,195 and 29,123. Many technical analysts refer to this as a bullish pennant pattern. Between the noted pennant pattern sits the 50-day SMA at 29,221, which is above the recently formed bullish engulfing formation. Given this, I feel enthusiasm may be lacking here, especially if the index struggles to get back above the SMA. If that is

USD/JPY on the move Chart studies on USD/JPY show price depreciated notably yesterday, with further underperformance evident in the last couple of hours. I think this is based on two things: heightened yen intervention watch and reports that the BoJ may pull the trigger and raise the policy rate on 18 September. Technically, the pair has rejected resistance between ¥160.66 and ¥160.23, and dipped a toe south of the 200-day SMA at ¥158.46 and support from ¥157.58. Naturally, this has swung the technical pendulum i

Gold support calling for attention Upside momentum – which has been bolstered by lower real yields and the USD touching gloves with three-month lows – has slowed in recent days. Although I do not consider this to be a solid signal, the Relative Strength Index also registered overbought conditions. Technically, however, the yellow metal has breached two key trendline resistances (taken from highs of US$5,419 and US$5,598), demonstrates scope for further outperformance to resistance between US$4,857 and US$4,764, and is on the do

BTC/USD approaching key resistance For those who read my previous post, you may recall that I highlighted the following: As shown in the chart below, BTC/USD has been capped under the 50-day SMA at US$64,917 since 21 July, supported by a resistance zone between US$67,396 and US$65,693. This follows the breakout beyond the upper boundary of a falling wedge, drawn from the high of US$67,255 . The reaction to the said SMA/resistance indicates that buyers could soon step in and attempt to find acceptance above the noted area. If

Broadening pattern in play with a potential diamond top Price action on the S&P 500 is carving out one of those rare broadening patterns around all-time highs, drawn from 7,793 and 7,698. While I have yet to meet a trader who trades these formations with much success, they can transform into what is known as a ‘diamond top’. A diamond top is a combination of a broadening pattern and a symmetrical triangle, as shown in the chart below. As long as the symmetrical triangle receives two tests on either side of the pattern, followed by a lower breakout,

USD/CHF opening the door to lower levels?From the daily chart of USD/CHF, there is quite a lot going on here. Price recently smashed through the neckline (taken from the low of ₣0.8010) of a head-and-shoulders top pattern (₣0.8200). This has cleared the runway south to trendline support, extended from the low of ₣0.7600, which is closely shadowed by the head-and-shoulders pattern's profit objective at ₣0.7885. While scope for further underperformance is evident, the pair is shaking hands with a 38.2% Fibonacci retracement at ₣0.7977

Nasdaq 100 enters correction territory With chip and memory stocks struggling to find a foothold, the tech-heavy Nasdaq 100 recently slid into correction territory – that is, a 10% decline from highs. Technical studies indicate scope for further underperformance, with support calling for attention between 25,897 and 26,664. Consequently, bearish scenarios could be on the table until this area makes an entrance. The downside support target is made up of horizontal support, an ‘alternate’ AB=CD bullish pattern (the 1.618% Fibonacci p

USD/JPY targeting higher levels despite intervention risks It would be remiss of me not to shine some of the limelight on USD/JPY right now – a pair that has been propelled to highs north of ¥163 in recent trading (levels not seen since 1986). Bolstered by rising yields and USD strength, the unit is well and truly within intervention territory right now; verbal intervention from Japan’s finance minister has clearly had limited effect. From a technical perspective, USD/JPY bulls are likely to remain in the driving seat, with scope for further outperfor

ASX 200 eyeing a pattern breakout We have some interesting price action brewing on the ASX 200. Although a pullback from 8,983 occurred following the break of a double-bottom pattern’s neckline at 8,811, price is beginning to find a footing without breaching the pattern’s lows of around 8,485. The pattern’s profit objective is still calling for attention at 9,128. Additionally, you may acknowledge the potential inverted head-and-shoulders pattern now forming, with the neckline at 8,900. A break above here may help reaffirm bu

Brent crude about ready to burst?With Middle East flare-ups still front and centre and geopolitical risk premium being priced into oil, the technical picture on Brent crude right now shows a potential breakout brewing. As shown in the chart, between US$87.55 and US$83.32, we have seen price build out a pennant pattern, with the unit not far from the formation’s apex and looking about ready to burst. Price is now on the verge of breaking out higher, perhaps clearing the path for a run towards a resistance zone between US$90.87

S&P 500 testing upper boundary of a bullish pennant Since the S&P 500 clocked a fresh record high of 7,620 at the beginning of June – and a low of 7,237 – price has been compressing between two converging lines, forming a potential bullish pennant pattern. You will note that the index recently breached the upper boundary of said pattern, but has since modestly pulled back and found support ahead of the 50-day SMA at 7,417. This – coupled with the clear-cut uptrend and yesterday’s hammer candle pattern – may eventually be enough to tempt a highe

Dow Jones eyeing bull flag/support confluence Price action on the Dow Jones Industrial Average is in the process of chalking up a potential bullish flag between the all-time high of 52,286 and 51,398. You will also note that the index is forming a rising wedge pattern between 45,057 and 49,717. While the noted patterns offer conflicting signals, the fact that the lower edge of the rising wedge merges with the lower boundary of the bullish flag pattern, and that this market is entrenched within a strong uptrend, suggests that a rebound fro

USD index gearing up to breakout higher?Fed-tightening expectations and safe-haven demand have underpinned the USD so far this month, pushing the USD index up by 2.8%. As shown in the charts below, monthly price action suggests scope for further outperformance as buyers strengthen their grip above resistance at 99.67. The 50-month SMA at 103.03 calls for attention overhead, with a break above this level unearthing resistance at 107.35. Meanwhile, on the daily chart, price recently touched gloves with resistance at 101.78. Interestin

ASX 200 double-bottom pattern in play The ASX 200 pencilled in a double-bottom pattern at 8,485 in early June, where price recently crossed above the formation’s neckline at 8,810. With Thursday's session closing in the red and snapping a four-day winning streak, this could open the door for a retest of the neckline (as support) to perhaps target the pattern’s profit objective at 9,128 – a base set just south of the index’s all-time high at 9,202. Written by FP Markets Chief Market Analyst Aaron Hill

GBP/USD shaking hands with key support The GBP has been considerably under pressure this week, following softer-than-expected CPI inflation, and while headline job numbers came in stronger today, falling private payrolls and slowing wage growth will give the BoE some confidence to remain on hold. Markets are still pricing around 30 bps of BoE tightening by year-end. From a technical standpoint, you can see GBP/USD is on the doorstep of support between US$1.3205 (1M) and US$1.3246 (1Y). For me, this area is considered a strong base

Path of least resistance remains to the upside Down nearly 8% from record highs of 27,190, the Nasdaq Composite recently shook hands with the 50-day SMA at 25,045, a dynamic value that is closely bolstered by a 38.2% Fibonacci retracement at 24,729. The nearby decision point area is seen overhead at 26,268-26,078, with a break above this area paving the way for a run to resistance at 26,719. To the downside, beyond current support, opens the door to another layer of support at 23,828 and 23,972. Ultimately, with the trend still very much

USD/JPY shows weak bullish momentum within intervention zone Although implied volatility remains low for USD/JPY, the currency pair recently moved above key resistance at ¥160.23. The area between this level (which I now consider support) and resistance at ¥161.67 is closely watched by markets for possible intervention. While the breakout above ¥160.23 technically opens the door to targeting ¥161.67, traders will likely be cautious at current levels amid intervention threats. Notably, on the H1 timeframe, a clear-cut rising wedge formed between ¥160.05

BTC/USD bears in the driving seat Against the USD, BTC has been under pressure since the end of May and is rapidly approaching the YTD lows of US$59,780. It has essentially been a one-sided move lower after BTC/USD crossed beneath US$74,705: the 50-day SMA. Resistance is positioned nearby between US$67,396 and US$65,693, with a break below US$59,780 paving the way lower to support at US$56,298. My view of this market remains unchanged; if we push south of this support, we should expect further downside. Stops below the US$48,8