The USDJPY is forming a daily Doji at what appears to be triangle resistance (on the daily chart), hesitating as it bumps against upchannel resistance (on the 4hr chart). Nevertheless, with the USDJPY arguably having broken this week above triangle resistance (on the weekly chart), odds are decent for a weekly close above the psychologically key 135 whole figure level…
Natural Gas (NG) is consolidating after decisively reclaiming the psychologically key 2 whole figure level after briefly falling beneath it last week. With NG having successfully bounced yesterday off just above downchannel resistance (on the 4hr chart), NG is gaining momentum on its rebound off last week’s 2023 low and downchannel support (on the weekly chart)…
Corn (ZC) is testing symmetrical triangle resistance (on the weekly chart), with decent odds for reclaiming the 2023 high in April. Any break above ascending triangle resistance (on the 4hr chart) this week will dramatically reduce the likelihood of ZC sliding back before month end to triangle support (on the weekly chart)…
Soybean (ZS) is trying to firm to start the week following Thursday’s 1% plus slide going into the Easter holiday long weekend. ZS is now back below the psychologically key 1500 whole figure level, but appears more likely to retest the 2023 high within a day following the highly anticipated WASDE Tuesday than it is to retest the 2023 low…
The S&P500 (ES) is consolidating after gaining 4 straight days, hesitating as it bumps against the weekly chart downchannel resistance. Odds are now moderately high for a retest of the August high in April. Before bears get excited, they’ll need to see a daily close this week below the psychologically key 4k whole figure level…
The EURUSD is in the late stages of a Bull Flag consolidation (on the weekly chart) after forming a fresh March high last week. Odds are elevated for an extension of the upchannel (on the weekly chart) to a fresh 2023 high and the psychologically key 1.10 whole figure level by early April…
The GBPAUD is hesitating within a key bull-bear battleground, testing the psychologically key 1.80 whole figure level, 2023 high and ascending triangle resistance (on the 4hr chart). Odds appear elevated for a surge in March to the December high and major downchannel resistance since March 2020 (as can be seen easier on a monthly chart on tradingview.com)…
Natural Gas (NG) continues consolidating after the strong profittaking from the psychologically key 3 whole figure level briefly reached Friday. Although NG has unwound most of last week’s gains, it has made progress in its major bottoming near downchannel support (on the weekly chart)…
Nasdaq100 (NQ) is consolidating Friday’s bounce, hesitating as seen by the weekly Doji forming just above the psychologically key 12k whole figure level. Any break above the 4hr chart downchannel resistance this week will likely coincide with a retest of triangle resistance (on the daily chart)…
The S&P500 (ES) is consolidating after yesterday’s bounce, but remains wobbly going into next week with a weekly Doji trying to form just below the Oct-Feb uptrend support (on the weekly chart). Any weekly close below the psychologically key 4k whole figure level would reinforce the idea that the slightly higher February high versus the January and December highs was a bear trap…
