Coffee Daily Feb 27, 2023

Arabica Coffee (KC) slid more than 1% Friday on more healthy profittaking, and appears vulnerable to breaking ascending wedge support (on the daily chart) by mid week. With last week’s weekly Doji just below downchannel resistance (on the weekly chart), further consolidation this week near the July low is likely…

Coffee Daily Feb 24, 2023

Arabica Coffee (KC) slid almost 2% yesterday on healthy profittaking after bumping up against ascending wedge resistance (on the 4hr chart) and what may become downchannel resistance (on the weekly chart). With KC sliding back into the ascending wedge (on the daily chart), odds are decent for a test of wedge support early next week, with a postponing of any test of the psychologically key 2 whole figure level to around mid March…

GBPAUD Weekly MACD Trying to Positively Cross

The GBPAUD is consolidating after the massive 350 pip or so gain from the Tuesday low to yesterday’s high, with decent odds now of testing the psychologically key 1.80 whole figure level and the 50% Fib retrace of the February to September slide by early March. Although the GBPAUD has halted the slide since the December high, it remains within a major downchannel since March 2020 (as can be seen easier on a monthly chart on tradingview.com)…

Coffee Daily Feb 23, 2023

Arabica Coffee (KC) tacked on another near 2% yesterday, extending what appears to be an upchannel (on the 4hr chart). Although KC appears overextended with its close above ascending wedge resistance (on the daily chart), odds are decent for a bit more upside before the weekend as it gravitates towards the psychologically key 2 whole figure level…

Silver (SI) Daily MACD Trying to Positively Cross

Silver (SI) is making progress in forming a much higher February low versus the Bull Flag Consolidation low (on the weekly chart) in September and seen more easily on a monthly chart on tradingview.com. Odds are low for SI to slide further to the psychologically key 20 whole figure level by March sometime, particularly with SI trying to halt its pullback from the January high around the 38.2% Fib retrace of the March to September slide…