

The Pattern Pulse – 27 February 2025

Forex: AUD/NZD Whipsaw Brewing? Daily Timeframe: The AUD/NZD cross (Australian dollar versus the New Zealand dollar) recently faded long-term daily resistance from NZ$1.1175 and probed below daily support at NZ$1.1088 (now marked resistance). The area I highlighted in orange between NZ$1.1040 and NZ$1.1074 will likely be considered robust demand in light of the base holding firm on 18 February. So, with protective stop loss orders likely positioned beneath this zone (sell stops), a break of the noted demand could trigger a short-term whipsaw from support at NZ$1.1022 (red arrows).

Commodities: WTI Oil Approaching the Lower Boundary of a Descending Triangle Weekly Timeframe: WTI Oil (West Texas Intermediate) is on track to record a sixth consecutive week in the red, directing attention to the lower boundary of a descending triangle, extended from the low of US$64.34. As such, with further downside potentially on the table, investors will likely be looking at longer-term support levels to target in the event of a breakout lower. From my perspective, two prominent support areas are seen as far south as US$51.64 and US$42.93.

Equities: Nvidia Eyeing Double-Top Profit Objective? Weekly Timeframe: Despite Nvidia (ticker: NVDA) smashing forecasts in its first financial results of the year after the market closed yesterday, the Stock’s technical picture remains unchanged. Following an all-time high of US$153.13 at the beginning of the year, the Stock established the start of a double-top pattern that was recently completed (the neckline was breached, a horizontal line taken from the low of US$126.86). Consequently, given the pattern’s profit objective calling for attention to the downside at US$105.30, and the break of weekly trendline support (taken from US$10.81), I feel there is scope for a push lower to around the US$105ish region.

Cryptocurrency: BTC/USD Bulls Under Pressure Daily Timeframe: From the daily timeframe of BTC/USD (Bitcoin versus the US dollar), price action recently breached the lower limit of a near-three-month consolidation between US$108,396 and US$91,591. Following this one-sided break – involving four consecutive losing days – the major Cryptocurrency pair could experience further underperformance in view of the limited support until the 200-day simple moving average at US$76,744.

Charts created using TradingView Written by FP Markets Market Analyst Aaron Hill

Learn more

Publication date:

2025-02-27 11:29:35 (GMT)

The terms and conditions of use set out below (referred to as "FX Blue's Terms"), form a contractual agreement governing FX Blue's relationship with you in relation to your use of this Website (“Agreement”) and you agree to be legally bound by FX Blue's Terms just as if you had signed this Agreement. By using this Website and any Information, you are agreeing to comply with and be bound by FX Blue's Terms, including any revisions that may be made to FX Blue's Terms from time to time. FX Blue reserves the right, in FX Blue's sole discretion, to change, modify, add or remove portions of FX Blue's Terms at any time by posting the revisions on the Website. You should check FX Blue's Terms periodically for changes as by using the Website after FX Blue posts any changes to FX Blue's Terms, you are agreeing to accept those changes, whether or not you have reviewed them, and you waive any right you may have to receive individualised notice of such changes. FX Blue's Terms may be supplemented by additional terms and conditions pertaining to specific content and activities. You agree and understand that such additional terms and conditions are hereby incorporated by reference to FX Blue's Terms. Your continued use of the Website means that you accept any new or modified FX Blue Terms.