The GBPAUD is trying once again to bounce off the psychologically key 1.70 whole figure level and descending wedge support (on the weekly chart). A daily close above downchannel resistance (on the daily chart) would likely be followed within a week after by a test of the September high and descending wedge resistance (on the weekly chart)…
The GBPAUD has given up roughly 150 pips from yesterday’s high, getting rejected at downchannel resistance (on the daily chart). Although the GBPAUD appears at elevated risk of sliding back before the weekend to the psychologically key 1.70 whole figure level, and at moderate odds of testing upchannel support (on the 4hr chart) in the same period, the GBPAUD’s descending wedge (on the weekly chart) is nearing completion and unlikely to form a fresh 2022 low…
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The USDCAD appears poised to reclaim the psychologically key 1.30 whole figure level before month end. Any retesting of the 2022 high would likely have to wait until September…
The GBPUSD has spent this week catching its breath just above descending wedge resistance (on the weekly chart). Volatility is about to surge following today’s 7am EST BoE monetary policy report/summary and rate announcement, the 730am EST comments from BoE governor Bailey, and Friday’s highly anticipated US Non-Farm Payrolls (NFP)…
Silver (SI) is consolidating just above descending wedge resistance (on the weekly chart), making progress in its efforts to form a major bottom. Another weekly close above the psychologically key 20 whole figure level will dramatically increase the likelihood of a test sometime in August of the 38.2% Fib retrace of the March to July slide…
The Nasdaq100 (NQ) is tiring in its Dead Cat Bounce, but appears to still have a few months to go before the downchannel (on the weekly chart) is ready to resume. Key in the next day or so will be whether NQ can bounce off upchannel support (on the 4hr chart) which would coincide with a break above downchannel resistance (on the daily chart) and the psychologically key 12k whole figure level…
Corn (ZC) slid another 1% Friday adding to the steep losses since breaking upchannel support (on the weekly chart) 2 weeks ago. ZC is beginning to appear it may have overshot to the downside with Thursday’s break below downtrend support (on the daily chart)…
The USDCAD is trying to halt the pullback that began at the 2022 high a bit more than a week ago, with the weekly Hammer assuring a higher June low versus the May low. Any break of the downchannel resistance (on the 4hr chart) will dramatically increase the likelihood of reclaiming the psychologically key 1.30 whole figure level and 2022 high in the few days after…
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