Wheat (ZW) is trying to firm after Friday’s WASDE, but remains vulnerable to a deeper consolidation in June. The monthly red hammer trying to form (as can be seen on tradingview.com) after 3 green monthly candles with long upper shadows suggests a moderately high probability for a retest in June of the psychologically key 1000 whole figure level and the 50% Fib retrace of the January to March bull market extension…
TOP50’sTOP10 (FTTUSD, XTZUSD, TRXUSD, DOTUSD, MANAUSD, SOLUSD, CROUSD, MATICUSD, AVAXUSD, BNBUSD)
Arabica Coffee (KC) bounced more than 1% yesterday, and suddenly appears to be in the advanced stages of consolidating near upchannel resistance (on the 4hr chart). Any weekly close above the 61.8% Fib retrace of the slide from the February high to the May low will likely coincide with a retest of the June high, and dramatically increase odds of resuming the upchannel (on the weekly chart) in the week after…
The GBPAUD is breaking out of the bottoming formation that began early week, and is suddenly back to near the psychologically key 1.75 whole figure level. A higher June low versus the May low would strongly reinforce the major bottoming effort since early April…
Natural Gas (NG) is consolidating after forming a fresh 2022 high yesterday, and appears likely to hesitate further ahead of Thursday’s highly anticipated weekly storage data. Regardless of NG nearing completion on an ascending wedge (on the 4hr chart), odds are elevated for a test of the psychologically key 10 whole figure level in June…
The VIX (VX) is beginning to form a weekly Hammer, holding the higher May low versus the April low, and reinforcing the uptrend (as seen by the higher May high versus the April high). Any break above downchannel resistance (on the 4hr chart) would dramatically increase the likelihood of retesting the 61.8% Fib retrace of the April to May bounce in the few days after…
Wheat (ZW) is trying to firm after a 3 week slide from the 2022 high, but remains vulnerable to retesting the psychologically key 1000 whole figure level and the 50% Fib retrace of the January to March bull market extension. Nevertheless, any break above downchannel resistance (on the 4hr chart) would dramatically increase the odds for a sustainable bounce off upchannel support (on the weekly chart)…
TOP50’sTOP10 (SOLUSD, XTZUSD, AVAXUSD, CROUSD, TRXUSD, DOTUSD, MATICUSD, MANAUSD, BNBUSD, SANDUSD)
Arabica Coffee (KC) formed a daily Doji yesterday, hesitating in its strong 3 week plus rally as it tests upchannel resistance (on the 4hr chart). Significantly, KC’s upchannel extension (on the weekly chart) remains above the April high, but is likely to continue consolidating going into early next week before the rally can extend from the current 61.8% Fib retrace of the slide from the February high to the May low…
The EURUSD has broken the daily chart triangle/uptrend support, and is increasingly vulnerable to a retest of the psychologically key 1.05 whole figure level by early next week. Nevertheless, the EURUSD does not appear likely to retest the May low / 2017 low (as can be seen on tradingview.com) in June, with odds higher for a weekly close above the 38.2% Fib retrace of the February to May downtrend extension in the same period…
