The USDCAD is edging higher going into today’s European morning, consolidating yesterday’s 100 pip plus reversal off its intraday low. Significantly, the USDCAD is now well on its way to extending an upchannel (on the weekly chart) over the next few months, with the October low significantly higher than the May low…
Tag: Silver
Silver (SI) Weekly MACD Positively Crossing
Silver (SI) is trying to firm going into today’s European morning, continuing a consolidation just shy of the October high. Significantly, SI appears to be gearing up to resume an upchannel (on the 4hr and daily chart), and is close to completing a 2 week plus consolidation of the break above the descending wedge resistance (on the weekly chart)…
Corn (ZC) Consolidating near Weekly Chart Triangle Resistance Ahead of WASDE
Corn (ZC) is trying to form the 1st green daily candle in 5 days as shorts begin covering ahead of the highly anticipated WASDE on Tuesday. Significantly, regardless of the downward pressure that can be expected in the day or so after the WASDE, ZC is likely to strengthen by late week…
Wheat (ZW) Consolidates Near 2021 High
Wheat (ZW) is showing a bit of fatigue to start the week, consolidating with a bit more upside before bumping into uptrend resistance (on the 4hr chart). Significantly, regardless of any healthy profittaking in the next day or so, ZW closed October at the month high, and appears to be gravitating towards the 2021 high…
Gold (GC) Weekly MACD Positively Crossing
Gold (GC) saw some healthy profittaking yesterday but appears to be in the early stages of firming as it nears upchannel support (on the daily chart). Significantly, GC is testing triangle resistance (on the weekly chart), and appears to be gearing up for a bullish move within a massive consolidation since the August 2020 record high…
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…
Silver (SI) Breaks Weekly Chart Descending Wedge Resistance
Silver (SI) surged more than 2.5% yesterday, bouncing off upchannel support (on the 4hr chart) and breaking above downchannel resistance (on the daily chart). Significantly, SI has decisively ploughed through descending wedge resistance (on the weekly chart), forming a fresh October high…
S&P500 (ES) Reverses Most of September-October Dip
The S&P500 (ES) is hesitating in today’s Asia morning after 4 days of gains. Significantly, although ES is trying to extend the upchannel (on the weekly chart) after bouncing off its support 2 weeks ago, any break today below the ascending wedge support (on the 4hr chart) will dramatically increase the odds of ES forming a lower October high versus the September high…
Arabica Coffee (KC) Consolidates Near 2021 High
Arabica Coffee (KC) formed a daily Doji yesterday, closing at prior upchannel resistance (on the daily chart). Significantly, although KC is vulnerable to more consolidation today, KC remains within a few day’s volatility of retesting the 2021 high, with odds high for extending the weekly chart Bull Flag in the next week…
Gold (GC) Daily MACD Positively Crossing
Gold (GC) is edging lower consolidating for a 4th straight day as part of the effort to halt a slide since the September high. Significantly, GC still remains within a massive consolidation since the August 2020 record high, where for bulls to begin seeing momentum to the upside, they’ll want to see GC break above the July and August 2021 highs…