USDCAD edged higher Friday, continuing a month plus consolidation around the psychologically key 1.35 whole figure level. The big picture is of the USDCAD near the midpoint of the range it has traded within since late 2022 (as can be seen easier on a monthly chart on tradingview.com), coinciding roughly with the 61.8% Fib retrace of the slide from the 2002 peak to 2007’s low…
Nasdaq100 (NQ) edged more than 1% lower Friday, closing ahead of Monday’s US Presidents’ Day shortened session just below last Monday’s fresh record high. Another red weekly candle this week would suggest NQ has been rejected at upchannel resistance (on the weekly chart)…
WTI Crude (CL) edged higher Friday, completing a near week long recovery from just above the psychologically key 70 whole figure level after the prior week’s sharp pullback. The bigger picture is of CL is trying to form a higher major low (formed December) versus the March and May low…
Wheat (ZW) formed a daily Gravestone Friday, with last week’s weekly Doji closing just above the psychologically key 600 whole figure level. With the higher January low versus the November low, ZW continues to make progress in its efforts to form a major bottom (as can be seen on a monthly chart on tradingview.com)…
Corn (ZC) edged lower Friday, closing the week at what is arguably descending wedge resistance (on the weekly chart). With the prior week’s weekly Hammer’s long lower shadow reversal from the 2023 low (along with the November Hammer doing the same as can be seen more easily on a monthly chart on tradingview.com), odds are decent that ZC is in the early stages of forming a major bottom (now that the December WASDE released Friday is out of the way)…
Gold (GC) formed a daily Gravestone Friday with its weekly Hammer consolidating the prior week’s decisive break above downchannel resistance (on the weekly chart). With GC testing the August high and psychologically key 2000 whole figure level, GC is near complete in its Bull Flag consolidation since August 2020 (as can be seen more easily on a monthly chart on tradingview.com)…
WTI Crude (CL) surged more than 2% Friday, closing the week at a fresh 2023 high above the psychologically key 85 whole figure level. CL has made a higher September high versus the August high, breaking above the major bottoming range that has held since December 2022 (as seen easier by the August monthly Doji on a monthly chart on tradingview.com)…
Soybean (ZS) is trying to gain for a 3rd straight day after a sharp reversal off a fresh 2023 low (just below the 2022 low), but is likely to see a bit of healthy consolidation in the next day or so. Any break above downchannel resistance (on the 4hr and daily chart) will likely have to wait until at least late week, and would dramatically reduce the odds of a test by Q3 sometime of the 2021 low (formed that November) near the 61.8% Fib retrace of the May 2019 to June 2022 bull market (as can be seen more easily on a monthly chart on tradingview.com)….
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)…
Natural Gas (NG) is trying to firm after sliding from the May high back to just above the May and 2023 low and downchannel support (on the weekly chart). Although NG remains vulnerable to closing May at a fresh monthly low, NG did form a higher May high versus the April high…
