The USDJPY is in the advanced stages of a week plus Bull Flag consolidation (on the daily chart), firming just below last week’s intraweek burst to a new 2021 high. Significantly, the USDJPY is arguably completing a broader Bull Flag consolidation (on the weekly chart) that began early April, with odds high for a reclaiming of the 2020 and 2019 highs in the next week or so…
The S&P500 (ES) is trying to bounce going into today’s European morning after yesterday’s 1% plus slide, with some short covering likely ahead of Friday’s highly anticipated US Non-Farm Payrolls (NFP). Significantly, ES is testing upchannel support (on the weekly chart), with odds high for a weekly close below this major uptrend support line in October…
Arabica Coffee (KC) rallied more than 3% yesterday, breaking above triangle resistance (on the 4hr chart). Significantly, with yesterday’s surge, KC is suddenly at the daily chart triangle resistance, and testing the downtrend resistance (on the weekly chart) connecting the July and September highs…
The USDCAD is firming going into the US morning and trying to bounce off the psychologically key 1.26 whole figure level. Significantly, although the USDCAD has corrected over 300 pips since Friday’s fresh 2021 peak, the USDCAD could see fresh buying demand as early as today following the US GDP data at 830am EST, and more likely following Friday’s highly anticipated Fed comments out of Jackson Hole…
The USDJPY is consolidating for a 2nd straight day, digesting the climb this week back above the psychologically key 110 whole figure level. Significantly, the USDJPY appears to have halted the month and a half of healthy profittaking from the fresh 2021 high in early July…
The USDCAD is consolidating for a 3rd straight day just above the psychologically key 1.25 whole figure level, appearing to have halted the slide since the July high. Significantly, the USDCAD has bounced from the 50% Fib retrace of the June-July rally, with a weekly close above the weekly chart downchannel resistance coming as early as following Friday’s Canadian employment data and the highly anticipated monthly US Non-Farm Payrolls (NFP)…
Cotton (CT) is digesting this week’s gains as it approaches the June high, consolidating near triangle resistance (on the weekly chart). Significantly, CT appears poised to continue a bull market after a 3 plus month triangle (on the weekly chart), with odds elevated for a test of the 2021 high by July sometime…
The S&P500 (ES) reversed Friday’s losses yesterday, and is once again just a few day’s volatility of the June and record high. Significantly, although ES has clawed back to prior ascending wedge resistance (on the weekly chart), the ES remains vulnerable in the day or so following today’s highly anticipated Powell comments at 2pm EST to a retest of Monday’s low…
The USDJPY launched more than 50 pips yesterday post-FOMC from the psychologically key 110 whole figure level. Significantly, the USDJPY is gaining momentum in its weekly chart upchannel extension, bouncing off upchannel support with high odds of testing the 2021 high by sometime next week…
Silver (SI) is forming a daily Doji and a weekly Hammer/Doji ahead of today’s highly anticipated FOMC/Fed rate announcement at 2pm EST. Significantly, SI has been consolidating for 5 plus weeks just below triangle/wedge resistance (on the weekly chart) connecting the 2020 high to the February and May highs…
