GBPAUD Weekly Chart Descending Wedge Near Complete

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…

Nasdaq100 (NQ) Weekly MACD Trying to Positively Cross

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…

USDCAD Trying to Reclaim Key 1.30 Level

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…