Cotton (CT) Suffers Biggest Weekly Loss Since 2011

Cotton (CT) is trying to form its 5th straight red daily candle as part of the biggest weekly drop since at least June 2011. Although odds are decent that the break below the psychologically key 1 whole figure level is an overshoot and false break, CT appears to still be weighed by a gravitational pull towards the 61.8% Fib retrace of the April 2020 to May 2022 bull market (as can be seen on tradingview.com)…

Wheat Retesting Weekly Chart Upchannel Support Ahead of WASDE

Wheat (ZW) is trying to firm after a 3 week slide from the 2022 high, but remains vulnerable to retesting the psychologically key 1000 whole figure level and the 50% Fib retrace of the January to March bull market extension. Nevertheless, any break above downchannel resistance (on the 4hr chart) would dramatically increase the odds for a sustainable bounce off upchannel support (on the weekly chart)…

EURUSD Rejected @ Weekly Chart Downchannel Resistance

The EURUSD has broken the daily chart triangle/uptrend support, and is increasingly vulnerable to a retest of the psychologically key 1.05 whole figure level by early next week. Nevertheless, the EURUSD does not appear likely to retest the May low / 2017 low (as can be seen on tradingview.com) in June, with odds higher for a weekly close above the 38.2% Fib retrace of the February to May downtrend extension in the same period…

GBPUSD Nearing 50% Fib Retrace of Jun-Sep Slide

The GBPUSD is consolidating going into today’s European morning, but appears to have a bit more upside before bumping into upchannel resistance (on the 4hr and daily chart). Significantly, after the strong bounce off downchannel support (on the weekly chart), the GBPUSD is likely going to spend next week digesting the rebound to the same downchannel’s resistance coinciding with the 50% Fib retrace of the June to September slide…