GBPUSD Broke Weekly Chart Descending Wedge Resistance

The GBPUSD is making progress in forming a major bottom after bouncing off the psychologically key 1.20 whole figure level yesterday and surging above descending wedge resistance (on the weekly chart). Although odds are decent for a break to a fresh July high following the 830am EST release of the US advance GDP data and Friday’s US core PCE price index data, bulls should be prepared for a lower probability of a brief pullback before the weekend potentially to upchannel support (on the 4hr chart)…

Coffee Daily Jul 27, 2022

Robusta Coffee (RC) consolidated yesterday just below the psychologically key 2k whole figure level, hesitating at a downchannel/downtrend resistance line (on the daily chart). RC no longer appears likely to form a fresh July low with its bounce off the 38.2% Fib retrace of the Bull Market from the 2020 low to the 2021 high (in December)…

Coffee Daily Jul 26, 2022

Arabica Coffee (KC) rebounded more than 1.5% yesterday, trying to avoid sliding back to the psychologically key 2 whole figure level. Until KC sees a daily close above last week’s high, odds will remain elevated for a Head & Shoulders (on the weekly chart) completion…

Wheat (ZW) Tries Bouncing Off 61.8% Fib Retrace of Dec16-Feb22 Bull Market

Wheat (ZW) is gapping up almost 3% to start the week, trying to halt the slide since the 2022 peak in May. Although ZW remains vulnerable to sliding to downchannel support (on the daily chart) in the next week, odds are higher for ZW to bounce from current levels which coincide with the 61.8% Fib retrace of the December 2016 to February 2022 bull market (as can be seen on tradingview.com)…