The GBPAUD has been consolidating for a second week near or above the 61.8% Fib retrace of the February to September slide, and appears to be readying to break to a fresh December high. Odds are moderately high for a test of the psychologically key 1.85 whole figure level by year end…
The VIX (VX) is trying to form a major bottom by bouncing off near the 2022 low. With the VX consolidating just above downchannel resistance (on the daily chart), odds are rising for a weekly close above descending wedge/downchannel resistance (on the weekly chart)…
The USDCAD has bounced strongly off the November low, and is suddenly testing the 61.8% Fib retrace of the October to November slide. For now, the USDCAD appears to want to complete the Bull Flag consolidation since the October high, and retest the 2022 high and the psychologically key 1.40 whole figure level by January sometime…
Silver (SI) appears to have found its floor in the consolidation that began last week, refusing to slide much below the 38.2% Fib retrace of the March to September slide. With SI having formed a major bottom within the consolidation since August 2020 (as can be seen more easily on a monthly chart on tradingview.com), SI is likely to regain last week’s high before month end, with odds now moderate for a test of the May high before year end…
Cocoa (CC)’s healthy profittaking this week should be slowing going into next week, with CC now testing the 38.2% Fib retrace of the massive bounce off the September low. CC is also back to prior downchannel resistance (on the weekly chart), but may briefly fall below the psychologically key 2400 whole figure level and October high…
The GBPAUD appears to be in the advanced stages of consolidating near downchannel resistance (on the weekly chart). Any break above triangle resistance (on the 4hr chart) today will dramatically increase odds in the few days after of reclaiming the 61.8% Fib retrace of the February to September slide followed by the psychologically key 1.80 whole figure level…
The EURUSD is consolidating after the strong bounce from the 2022 low (in September). Although the EURUSD is vulnerable today to a bit more healthy profittaking, odds are elevated for a weekly close above downchannel resistance (on the weekly chart) and the psychologically key 1.00 whole figure level…
The GBPAUD is consolidating just above what is arguably downchannel resistance (on the weekly chart), forming a 3rd straight daily Doji/Hammer near the psychologically key 1.80 whole figure level. Although the GBPAUD remains slightly above the 61.8% Fib retrace of the February to September slide, after the powerful bounce off the September low, a healthy pullback to the 50% Fib sometime in November is moderately likely…
The GBPAUD is consolidating around what is arguably downchannel resistance (on the weekly chart), taking a breather after breaking Monday above the psychologically key 1.80 whole figure level. Although today’s sliding below an uptrend support (on the daily chart) increases odds for the healthy pullback to deepen, a break below the 50% Fib retrace of the February to September slide before month end does not appear likely…
The GBPAUD is nearly complete in an ascending triangle (on the 4hr and daily chart), but appears in need of a breather before gravitating going into month end to the psychologically key 1.80 whole figure level. With the GBPAUD having reclaimed the 50% Fib retrace of the February to September slide, odds are suddenly moderate for a retest of the 2022 high by year end…
