The Pattern Pulse – 9 May 2024
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- May 9, 2024
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: NZD/USD Responding from AB=CD Resistance Daily Timeframe – Since the beginning of the year, the New Zealand dollar (NZD) has been on the ropes against the US dollar (USD),
READ MOREUpcoming Earnings Release: Airbnb, Inc. (ticker ABNB) is scheduled to report earnings today after the market closes. The consensus EPS estimate for the fiscal quarter ending March 2024 is $0.23, while the reported EPS for the same quarter a year prior was $0.18. Buyers Preparing to Show? Airbnb is quite an interesting stock to monitor
READ MOREAutodesk’s (ticker: ADSK) immediate trend is lower at the moment on the daily timeframe, but overall, it must be noted that we have just re-entered a near-2-year range between $182.31 and $234.30. The current ascending triangle pattern formation, taken from the high of $219.50 and $206.23, is now considered an active pattern (two tests on
READ MOREXJO WEEKLY Price structure: Consolidation Sellers continue to maintain strength over the price action with last week’s “short range” higher close bar. The 7632 level now provides resistance following the impulsive down move 3 weeks ago. The Index is now developing a trading range between the spike lows at 7500 points and resistance at 7900
READ MOREUpcoming Earnings Release: Walt Disney Company (ticker DIS) is scheduled to report earnings on 7 May before the market opens. The consensus EPS estimate for the fiscal quarter ending March 2024 is $1.09. The reported EPS for the same quarter a year prior was $0.93. Buyers Preparing to Show? What price action is currently showing
READ MORENvidia’s (ticker: NVDA) share price finished Wednesday’s session nearly -4.0% lower, following Tuesday’s drop of -1.5%. In addition to this, the stock has been in the early stages of a downtrend since forming a double-top pattern (red arrows) off all-time highs at $974.00. Inverted Head and Shoulders Pattern? However, with the stock now beginning to
READ MOREYour 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: Long-Term Bullish Flag on USD/SEK Monthly Timeframe – Since late 2022, against the Swedish krone (kr), the US dollar (USD) has been busy chalking up a potential bullish flag
READ MOREThe share price of Tesla (ticker: TSLA) soared higher earlier this week following the company securing a deal with China’s search and mapping group Baidu. Despite the stock opening with a strong upside gap (window) on Monday on the back of the news, price action failed to breach the Leading Span B (the outer boundary
READ MOREFollowing yesterday’s edition of ‘Confluence Watch’ on the EUR/USD, today’s attention shifts to the Digital Currency Space: Ethereum versus the US dollar (ETH/USD). According to the weekly timeframe, the major altcoin is down nearly -10.0% WTD and fast approaching an area of confluence (support) between $2,283 and $2,627. The support zone boasts several technical components:
READ MOREFrom a technical standpoint, the EUR/USD exchange rate has spent the last few days meandering around resistance on the daily timeframe. With the trend leaning in favour of sellers, resistance is seen between $1.0753 and $1.0726, made up of the following technical tools: Horizontal resistance at $1.0739. Quasimodo-support-turned-resistance at $1.0726. Ascending support-turned-resistance line, taken from
READ MOREIt is pretty much a sealed deal that the Federal Open Market Committee (FOMC) will hold the line tomorrow at 6:00 pm GMT, keeping its overnight benchmark rate unchanged at 5.25%-5.50% for a sixth consecutive meeting. While there is no update for economic projections at this meeting, you will recall from the last policy-setting meeting
READ MOREYou may recall the Research Team highlighted AB=CD bullish completion at $26.79 on the H4 timeframe for spot silver (XAG/USD) last week. Subsequent to this, price action recently came within reaching distance of the 38.2% Fibonacci retracement ratio at $27.84 before rotating southbound and pencilling in a potential higher low at $26.94 earlier today. AB=CD
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