The GBPAUD surged over 150 pips Friday from the day’s low to high, closing near the 2023 high formed Tuesday. With the GBPAUD bumping up against ascending wedge resistance (on the weekly chart), it is likely to consolidate for at least this week before attempting the key 2 whole figure level…
Wheat (ZW) slid a 3rd straight day Friday as part of the healthy consolidation after briefly breaking downchannel resistance (on the weekly chart) Tuesday. With last week’s weekly Gravestone closing just above the psychologically key 700 whole figure level, and a higher July high and low versus the June high and low, ZW will likely make progress in August with the major bottoming efforts off the 2023 low (formed at the end of May) and the weekly chart downchannel support…
The GBPAUD surged well over 250 pips Friday from its day’s low to high, closing comfortably above the psychologically key 1.90 whole figure level. Odds are elevated for healthy consolidation to kick in by early week once the GBPAUD regains its 2023 high formed early June…
The USDCAD is consolidating after the strong gains of the past 2 weeks, but appears to have upside momentum to gravitate to triangle resistance (on the weekly chart) by early May sometime. With the USDCAD comfortably back above the psychologically key 1.35 whole figure level, the USDCAD is arguably in the advanced stages of the weekly chart triangle which is arguably a Bull Flag consolidation (as can be seen easier on a monthly chart on tradingview.com)…
The GBPAUD is extending an upchannel (on the 4hr and daily chart), appearing to have a bit more upside going into the weekend before its weekly chart Bull Flag begins consolidating again. With the GBPAUD having formed a fresh 2023 high yesterday, any healthy profittaking going into next week will likely find initial support at the psychologically key 1.85 whole figure level…
The S&P500 (ES) is consolidating with its weekly Hammer just shy of the psychologically key 4k whole figure level. With last week’s weekly Doji bouncing off just above the 2023 low, the ES has been trying to halt the slide from the February peak…
Wheat (ZW) is consolidating near the psychologically key 700 whole figure level after bouncing off the 2023 low (formed a bit more than a week ago). Odds are moderate for a break of descending wedge resistance (on the weekly chart) before month end, which if successful, would neutralize the bear trend since the May high and dramatically increase the likelihood of ZW retesting the February high in the week after…
The VIX (VX) soared more than 10% yesterday, breaking back above downchannel/descending wedge resistance (on the weekly chart). The VX is all but assured of a weekly close above this key bull/bear battleground, dramatically increasing odds of testing the psychologically key 25 whole figure level and January high sometime in March…
The GBPAUD is hesitating within a key bull-bear battleground, testing the psychologically key 1.80 whole figure level, 2023 high and ascending triangle resistance (on the 4hr chart). Odds appear elevated for a surge in March to the December high and major downchannel resistance since March 2020 (as can be seen easier on a monthly chart on tradingview.com)…
Wheat (ZW) is looking wobbly to start the week, gravitating towards the psychologically key 700 whole figure level. However, with ZW also probing descending wedge support (on the weekly chart), odds are moderate and rising for a strong bounce this week…
