The GBPUSD is trying to firm after yesterday’s healthy profittaking, but remains vulnerable to more consolidation ahead of the weekend before it can rechallenge the psychologically key 1.15 whole figure level. With what is arguably a Bullish Island Reversal (on the weekly chart) near complete, the GBPUSD is likely to test downchannel resistance (on the weekly chart) before month end…
The S&P500 (ES) is bumping up against downchannel resistance (on the 4hr chart) but appears poised to surge higher as it has just broken what is arguably a descending wedge resistance (on the daily chart). ES is poised to extend the rebound off its fresh 2022 low formed yesterday, as it has now clawed back above the prior 2022 low (of June), and appears to be gearing up for another Dead Cat Bounce (but weaker in magnitude) relative to the late June-late August one…
Cocoa (CC) gained for a 4th straight day yesterday, closing back above the psychologically key 2300 whole figure level. Any daily close above the daily chart downchannel resistance will dramatically increase the likelihood of breaking downtrend resistance (on the weekly chart) in the few days after…
The GBPUSD is beginning to see some profittaking after the strong bounce off the fresh record low Monday. Regardless of the GBPUSD clawing back above downchannel support (on the weekly chart) after plunging below it this week, it remains at moderate risk of gravitating towards parity in October…
Silver (SI) is trying to firm and halt the slide after getting rejected last week at the psychologically key 20 whole figure level and descending wedge resistance (on the weekly chart). Although SI may bounce in the next day or so off descending wedge support (on the 4hr chart), it remains at elevated risk of testing the 2022 low by the weekend…
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)…
