Corn (ZC) is edging lower to start the week as part of the consolidation near the psychologically key 700 whole figure level and triangle resistance (on the weekly chart). With ZC having at last week’s peak clawed back above the 61.8% Fib retrace of the May to July slide, any deeper profittaking this week is unlikely to break below the 38.2% Fib…
Cocoa (CC) bounced a massive near 3% yesterday, closing just shy of the week’s high. CC appears poised to close the week with a weekly Hammer above descending wedge resistance (on the weekly chart)…
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…
The S&P500 (ES) is trying to hold last week’s fresh 2022 low after having given up all of last week’s first half gains. Although ES appears vulnerable to following the Nasdaq100 (NQ) in forming a fresh 2022 low, odds are rising for a multi-week bounce, where any break above downtrend resistance (on the daily chart) will dramatically increase the likelihood for a retest of the psychologically key 4k whole figure level sometime before month end…
Raw Sugar (SB) gained almost 3% yesterday, adding to Tuesday’s bounce off just above the 2022 low and closing near the August high. Any weekly close above downtrend/descending wedge resistance (on the weekly chart) dramatically increases the likelihood for SB to complete by year end, the major consolidation since last October (as seen more easily on a monthly chart on tradingview.com)…
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 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…
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…
Wheat (ZW) is seeing a bit of healthy consolidation ahead of today’s highly anticipated WASDE at noon EST. Although the bounce off the 2022 low in August has formed a higher September high versus the August high, the immense volatility post-WASDE could briefly send ZW back to upchannnel support (on the 4hr chart)…
The GBPUSD surged more than 200 pips yesterday from the day’s low to high, and is now retesting triangle resistance (on the daily chart). With the GBPUSD near complete in its consolidation just above descending wedge resistance (on the weekly chart), the major bottom that began forming in July is now in its advanced stages…
