Welcome to our latest market performance overview! In this post, we will explore recent developments across key financial assets, including currencies, commodities, and equities.
What You’ll Discover:
Dollar Index Analysis: We’ll take a closer look at the Dollar Index, which is currently within a descending wedge pattern, just below the monthly support level at $100.60. Watch for a potential test of recent lows around $100.21, with downward movement possible towards the 161.8% Fibonacci extension at $98.81.
Currency Pairs:
Dollar vs. Canadian Dollar: Approaching weekly support at 1.3436, this pair could lead to new lows. We anticipate a new pattern forming at 1.3369, in line with the 161.8% Fibonacci extension.
Dollar vs. Norwegian Krone: Currently testing monthly support at 10.425. A breach here may open the door for movement toward the default target of 10.295, following a head and shoulders pattern.
Dollar vs. Mexican Peso: This pair is showing weakness after failing to follow through on an inverted head and shoulders pattern, breaking below support of a consolidation flag. Expect a potential decline towards previous support at 19.059.
Gold and Silver Insights:
Gold: Reaching new all-time highs around $2653 per ounce, we expect a pullback to identify future patterns. Gold has met multiple targets for medium and long-term patterns, including a significant cup and handle formation.
Silver: Breaking out of an ascending wedge, silver has surpassed resistance levels and is poised to test monthly resistance at $32.51.
Crude Oil: Despite the significant drop in the dollar versus the Canadian dollar, crude oil remains constrained at the -50% Fibonacci retracement level and is slightly away from the target for the inverted head and shoulders pattern at $74.60.
Equities Performance:
SPX500: This index has been trading within a tight range, showing resilience amid negative sentiment, oscillating between support at $5682 and resistance at $5747.
German DAX: Approaching established resistance at $19,047, potentially validating a cup and handle pattern, which could drive the index towards $19,670.
Bunds and Bonds: While we anticipated a head and shoulders formation for bunds, they have maintained above a key support trendline. A breakout above resistance at 135.45 could lead to movement towards the untouched monthly fractal at 139.25. Bonds are also holding above a support trendline, with expectations of a retest of previous resistance at 115.03.
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For a detailed exploration of these market movements.
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