The EURUSD edged higher Friday, resuming its bounce off the 2023 low (arguably a Bull Flag on the daily chart). Although the EURUSD is likely to pause early week as it bumps against the 4hr chart ascending wedge/upchannel resistance, odds are elevated for a break by late week above the September high to the psychologically key 1.10 whole figure level…
Silver (SI) edged up Friday and appears ready for consolidation this coming week after the massive gains Wednesday and Thursday. SI is suddenly back above the psychologically key 25 whole figure level and near complete in consolidating since forming a fresh 2023 high in April…
The AUDUSD rebounded nearly 100 pips Friday from its intraday low to high, closing the week with a second straight weekly Hammer above the June low. The AUDUSD’s inability these past few weeks to slide back to triangle support (on the weekly chart) suggests decent odds for a retest of triangle resistance sometime in July…
WTI Crude (CL) is edging higher going into today’s 1030am EST highly anticipated weekly inventory and Thursday’s US unemployment claims. With CL bouncing yesterday off the psychologically key 70 whole figure level, odds are decent for a weekly close above downchannel resistance (on the weekly chart)…
The S&P500 (ES) continues consolidating as seen by the near complete weekly Doji. With ES hesitating just under the 2023 high and the 50% Fib retrace of the slide from the January 2022 high to October 2022 low (as can be seen more easily on a weekly chart on tradingview.com), it does not appear ready to join the Nasdaq100 (NQ) in breaking to a fresh 2023 high…
The AUDUSD is consolidating for a 3rd straight day near the May and April high. Odds are elevated for the AUDUSD to resume by next week, its bounce off just above the 2023 low…
The VIX (VX) is consolidating yesterday’s surge to downchannel resistance (on the daily chart). With the VX now back above the psychologically key 20 whole figure level after the dip late April to below it to a fresh 2023 low, the VX is now forming a long bodied green weekly candle, halting a 6 week slide from the 2023 high….
The AUDUSD is reversing higher with today’s daily Hammer extending back towards this week’s high. The AUDUSD is once again in the early stages of trying to halt the slide from the 2023 high, with the April low slightly above the 2023 low formed in March…
Gold (GC) is catching its breath after yesterday’s 1.5% plus surge, with GC now in the advanced stages of a consolidation since hitting a fresh 2023 high in April. With GC now comfortably back above the psychologically key 2k whole figure level, odds are elevated for a retest this week of upchannel/ascending wedge resistance (on the weekly chart)…
Wheat (ZW) is consolidating to start the week after last week’s bounce off a fresh 2023 low. Although ZW could retest in the next week or so the weekly chart descending wedge support, odds are increasing and moderate for a test of the same wedge’s resistance before month end…
