WTI Crude (CL) is looking vulnerable going into today’s 2pm EST FOMC Minutes release, along with Thursday’s highly anticipated weekly inventory data (delayed 1 day due to the US Independence Day long weekend holiday). Significantly, CL is trying to form its first red weekly candle in 7 weeks, and is being rejected by ascending wedge resistance (on the weekly chart)…
The USDCHF gained roughly 50 pips yesterday, resolving an ascending triangle and Bull Flag consolidation (on the daily chart). Significantly, any profittaking following the US Non-Farm Payrolls (NFP) Friday is unlikely to derail the upchannel extension (on the weekly chart), with bulls increasingly eyeing a retest of the March and 2021 high by July sometime…
The S&P500 (ES) is seeing a bit of healthy profittaking after yesterday’s fresh record high, and sits vulnerable to a deeper selloff following the end of 2021’s first half Wednesday, and after Friday’s highly anticipated US Non-Farm Payrolls (NFP). Significantly, the usual volatility seen after the completion of a quarter/half year and NFP may be deferred to after most traders return from the US Independance Day long weekend holiday next Tuesday…
The USDCHF appears to be completing a 3 day descending triangle and Bull Flag consolidation (on the 4hr chart). Significantly, the powerful bounce last week off upchannel support (on the weekly chart) is poised to continue, reflecting the strong momentum in the USDCHF’s major new uptrend…
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