Market Watch: Trends, Patterns, and Trading Opportunities

16 Apr

Market 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.

DXY
The DXY is encountering channel resistance and exhibiting a bearish Gartley pattern.

US10Y
US10Y bonds are also nearing channel resistance and have already reached the target for the previously formed cup and handle pattern.

SPX500USD
The SPX500 is currently trading near the 0.382% Fibonacci retracement level, potentially serving as a support element.

GER30
The German DAX is showing signs of potential short-term recovery after breaking previous lows and fractal support.

XAGUSD
Silver is reacting lower after encountering channel resistance and hitting the target for the cup and handle pattern formed at lower levels.

WTICOUSD
Crude oil remains in bearish crab pattern territory unless the geopolitical situation between Israel and Iran escalates; we still expect a pullback.

GBPUSD
The GBP is forming a bullish crab pattern as previously projected.

NZDUSD
The NZD is facing channel support; we should pay attention to tonight's CPI data.

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.

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.

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.

EURNZD
The EUR/NZD pair is approaching previous highs and major resistance, with a bearish shark pattern on hold at higher levels.

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.

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