Gold (GC) slid more than 2% yesterday, completing what appears to be a Bearish Island Reversal (on the daily chart) after forming a fresh 2023 high Monday at upchannel resistance (on the daily and weekly chart). Within GC’s current consolidation back below triangle resistance (on the weekly chart), GC is beginning to firm near the 38.2% Fib retrace of the March rally…
Tag: GBPUSD
GBPUSD Tries Halting Daily Chart Downchannel Near Key 1.20 Level
The GBPUSD is trying to firm after getting rejected at downchannel resistance (on the daily chart) and sliding roughly 100 pips. Regardless of any further profittaking in the next day or so, odds are elevated for a resumption of the rally off last week’s fresh 2023 low to the 2023 high by April sometime…
S&P500 (ES) Weekly Doji @ 50% Fib Retrace of Oct-Feb Bounce
The S&P500 (ES) is trying to form a weekly Doji after rebounding off near the 2023 low and the 61.8% Fib retrace of the October to February bounce. Although odds are now moderate for this week’s short covering to spring ES back to the psychologically key 4k whole figure level, ES is less likely to retest the weekly chart downchannel resistance before month end than it is to slide below the November low in the same period…
Wheat (ZW) Tries Bouncing Off Weekly Chart Descending Wedge Support
Wheat (ZW) is consolidating Friday’s bounce off a fresh 2023 low and descending wedge support (on the weekly chart) to start the week. Any break above the 4hr chart downchannel resistance in the next day or so would coincide with decisive gains above descending wedge resistance (on the daily chart), and dramatically increase odds of a test of the psychologically key 700 whole figure level in the day or so after…
EURUSD Weekly Chart Ascending Wedge Near Complete Ahead of ECB
The EURUSD is edging higher after the post-FOMC surge, but will likely see healthy profittaking by the weekend back to below the psychologically key 1.10 whole figure level. The EURUSD’s massive rally since making its major bottom in September 2022 is due for a notable pullback going into next week with the weekly chart ascending wedge near complete…
GBPAUD Rebounds From Near Key 1.75 Level
The GBPAUD is adding to yesterday’s massive 200 pip plus gains off just above the psychologically key 1.75 whole figure level. The GBPAUD is now nearing the 61.8% Fib Fib retrace of the February to September slide, with odds moderate for a test of the December high before month end…
Soybean (ZS) Nears 2022 High Post-WASDE
Soybean (ZS) gained for a 3rd straight day Friday following the WASDE Thursday. When ZS reopens in the shortened session (with today being Dr Martin Luther King Jr Day), ZS will likely make an attempt at testing the January high…
GBPUSD Daily MACD Positively Crossing Ahead of US CPI
The GBPUSD is consolidating for a 3rd straight day near downchannel resistance (on the 4hr chart). The GBPUSD appears to be readying to complete (in the next week) the Bull Flag consolidation since the mid December high…
Natural Gas (NG) Breaks Below 2022 Low
Natural Gas (NG) has broken below the 2022 low, but should be seeing a bounce in the next day or so as it tests downchannel support (on the daily chart). Regardless of the moderately high likelihood of a short covering rally going into next week, NG remains at roughly the same risk of a deeper slide to the psychologically key 3 whole figure level by month end…
Wheat (ZW) Nearing 2022 Low Ahead of WASDE
Wheat (ZW) is starting the week consolidating for a 3rd straight day near the 2022 low, remaining vulnerable to a deeper slide towards descending wedge support (on the weekly chart) in January. With ZW below the 61.8% Fib retrace of the September 2016 to March 2022 bull market (as can be seen on a monthly chart on tradingview.com), ZW is moderately vulnerable to sliding back to the 2021 low just below the psychologically key 600 whole figure level sometime in Q1….