The GBPAUD is in the advanced stages of a major bottom that began in April with the effort underway to form a higher June low versus the May low. Odds are high for the GBPAUD to break above the April / May high before month end, regardless of the near complete ascending wedge (on the 4hr chart)…
The Nasdaq100 (NQ) appears to be in the early stages of forming a multi-month low, with the current green weekly candle trying to rebound off downchannel support (on the weekly chart). Any break above last week’s high will dramatically increase odds for a daily close above the psychologically key 12k whole figure level by the weekend…
Although the Nasdaq100 (NQ) formed a fresh 2022 low yesterday, with the NQ at downchannel support (on the weekly chart), the NQ is only moderately likely to slide further this week to downchannel support (on the daily chart). Any break above downchannel resistance (on the 4hr chart) will dramatically increase odds for a daily close above the psychologically key 12k whole figure level by early next week….
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 forming a weekly Doji/Hammer after last week’s weekly Doji, suggesting an unwillingness for the VX to dip much below the 61.8% Fib retrace of the April to May bounce. The VX is all but certain to form a substantially higher May low versus the April low, reinforcing the higher May high versus the April high…
Raw Sugar (SB) is in the advanced stages of a Bull Flag consolidation (since August/September). With SB having bounced yesterday off prior downchannel resistance (on the 4hr chart), odds are elevated for a weekly close back above the psychologically key 0.20 whole figure level…
Wheat (ZW)’s massive 5% or so gap up to start the week has further extended the Bull Flag (on the weekly chart), with ZW nearing the 2022 high. Nevertheless, with a Doji forming on the 4hr, daily and weekly chart, ZW is unlikely to have much further upside this week…
Cotton (CT) is looking vulnerable to a daily close below upchannel support (on the daily chart), which after last week’s weekly Gravestone reversal from a 2022 high could create a Bearish Island Reversal (on the weekly chart). CT is also forming a monthly Gravestone (which can be seen on tradingview.com) with the 2022 high (earlier this month) having formed near the 61.8% Fib retrace of the slide from the record high (in 2011) to the 2020 bottom…
