Market Watch: Trends, Patterns, and Trading OpportunitiesMarket Analysis - April 16, 2024 by André Cardoso
The insights presented in this summary are intended to assist traders and investors in understanding market dynamics and identifying potential trading opportunities. I hope this summary proves to be informative and helpful to you, our readers, in your investment decisions and trading strategies.
TVC:DXY
The DXY is encountering channel resistance and exhibiting a bearish Gartley pattern.
TVC:US10Y
US10Y bonds are also nearing channel resistance and have already reached the target for the previously formed cup and handle pattern.
OANDA:SPX500USD
The SPX500 is currently trading near the 0.382% Fibonacci retracement level, potentially serving as a support element.
FX:GER30
The German DAX is showing signs of potential short-term recovery after breaking previous lows and fractal support.
OANDA:XAGUSD
Silver is reacting lower after encountering channel resistance and hitting the target for the cup and handle pattern formed at lower levels.
OANDA:WTICOUSD
Crude oil remains in bearish crab pattern territory unless the geopolitical situation between Israel and Iran escalates; we still expect a pullback.
FX:GBPUSD
The GBP is forming a bullish crab pattern as previously projected.
OANDA:NZDUSD
The NZD is facing channel support; we should pay attention to tonight's CPI data.
OANDA:USDCHF
The CHF has completed what appears to be a five-wave structure to the upside in Elliott Wave theory, which opens the door for a pullback.
OANDA:USDNOK
The NOK printed a bearish shark pattern pushed at the 224% Fibonacci extension.
Japanese Yen (JPY) Pairs:
JPY pairs have printed a nice "V" shape recovery, but I still expect bullish crab patterns for AUD and NZD versus JPY to form at lower levels.
OANDA:EURAUD
The EUR/AUD pair may also be affected by tonight's CPI data; we have a bearish crab pattern projected at the golden Fibonacci extension to consider.
OANDA:EURNZD
The EUR/NZD pair is approaching previous highs and major resistance, with a bearish shark pattern on hold at higher levels.
FX:GBPAUD
For the GBP/AUD pair, I have a bearish alt-bat pattern projected at the 113% Fibonacci extension; if reached, it may offer a pullback to last week's previous resistance levels.
BITSTAMP:BTCUSD
To wrap up with BTC/USD, a bullish crab pattern that I projected earlier in the week at $60k remains my primary focus for the cryptocurrency. Printing new lows below $61,308 (new fractal support) will place the cryptocurrency very close to forming the projected pattern concretely at $59,462.
Thank you for reviewing this summary of the financial markets. I hope it proves valuable for your trading decisions.
Stay tuned for more updates, and more educational content.
André Cardoso
