The USDCHF is consolidating just below the April high after last week’s decisive breakout above descending wedge resistance (on the weekly chart). Nevertheless, the bounce off the 2023 low and the weekly chart descending wedge support to well above the psychologically key 0.90 whole figure level appears to have formed a major bottom (as can be seen easier on a monthly chart on tradingview.com)…
The VIX (VX) is consolidating for a second straight day Wednesday’s surge, appearing poised to continue next week efforts at a major bottom with the green weekly Tombstone trying to bounce off the 2023 low. Any break today above downchannel resistance (on the 4hr chart) and descending wedge resistance (on the daily chart) will dramatically increase odds next week of a break of the weekly chart descending wedge resistance….
The USDCHF is consolidating after surging from Monday’s low, hesitating at triangle resistance (on the daily chart) and digesting this week’s break above descending wedge resistance (on the weekly chart). With the USDCHF comfortably above the psychologically key 0.90 whole figure level, odds are decent for renewed momentum next week in the bounce off the 2023 low and the weekly chart descending wedge support…
Wheat (ZW) has just made a fresh 2023 low Friday, but could be about to see some short covering as it tries to bounce off the weekly chart descending wedge support. With ZW near complete on the weekly chart descending wedge, odds are higher for a test of wedge resistance this week than it is for a test of the psychologically key 600 whole figure level…
The USDCAD is consolidating after the strong gains of the past 2 weeks, but appears to have upside momentum to gravitate to triangle resistance (on the weekly chart) by early May sometime. With the USDCAD comfortably back above the psychologically key 1.35 whole figure level, the USDCAD is arguably in the advanced stages of the weekly chart triangle which is arguably a Bull Flag consolidation (as can be seen easier on a monthly chart on tradingview.com)…
The GBPAUD is extending an upchannel (on the 4hr and daily chart), appearing to have a bit more upside going into the weekend before its weekly chart Bull Flag begins consolidating again. With the GBPAUD having formed a fresh 2023 high yesterday, any healthy profittaking going into next week will likely find initial support at the psychologically key 1.85 whole figure level…
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)…
The GBPAUD is consolidating after the massive 350 pip or so gain from the Tuesday low to yesterday’s high, with decent odds now of testing the psychologically key 1.80 whole figure level and the 50% Fib retrace of the February to September slide by early March. Although the GBPAUD has halted the slide since the December high, it remains within a major downchannel since March 2020 (as can be seen easier on a monthly chart on tradingview.com)…
The S&P500 (ES) is looking wobbly as it has arguably slid under an uptrend support (on the daily chart). Odds are fairly low for a fresh February high before month end, with ES appearing like it will slide back into the downchannel (on the weekly chart) by mid week…
The GBPAUD is forming a 3rd straight weekly Doji just below the 50% Fib retrace of the February to September slide. With volatility about to surge as hinted by the near complete triangle (on the 4hr and daily chart), the question is whether the triangle resolves lower, extending the pullback from the December high…
