The GBPAUD is adding to yesterday’s massive 200 pip plus gains off just above the psychologically key 1.75 whole figure level. The GBPAUD is now nearing the 61.8% Fib Fib retrace of the February to September slide, with odds moderate for a test of the December high before month end…
The AUDUSD has consolidated roughly a month around downchannel resistance (on the weekly chart), with rising odds for a weekly close by mid January, above the 50% Fib retrace of the slide from the April peak to the October low. With a retest of the psychologically key 0.65 whole figure level increasingly unlikely in January, the AUDUSD has all but made a major bottom in October, halting a slide since early 2021 (as can be seen easier on a monthly chart on tradingview.com)…
Nasdaq100 (NQ) is exhausting on its Dead Cat Bounce (off the October low) as seen by Tuesday’s sharp reversal after posting a fresh December high. NQ is suddenly at a new December low, and just a week or so’s volatility from retesting the 2022 low…
The VIX (VX) is trying to form a major bottom by bouncing off near the 2022 low. With the VX consolidating just above downchannel resistance (on the daily chart), odds are rising for a weekly close above descending wedge/downchannel resistance (on the weekly chart)…
The VIX (VX) is trying to form a major bottom by bouncing off near the 2022 low. A daily close above downchannel resistance (on the daily chart) would likely coincide with a weekly close above descending wedge resistance (on the weekly chart), and is more likely than a VX selloff today back to this week’s low…
Silver (SI) is consolidating a 3rd straight day, vulnerable to a bit more healthy profittaking ahead of the weekend. Nevertheless, SI’s brief break on Monday above the 61.8% Fib retrace of the March to September slide suggests a completion to the major bottom within the consolidation since August 2020 (as can be seen more easily on a monthly chart on tradingview.com)…
Wheat (ZW) is correcting within its month or so upchannel (on the daily chart), vulnerable to sliding back to upchannel support in the next few days. Nevertheless, the bounce off the 2022 low in August has been strong enough that ZW is on pace to forming a higher September low versus the August low, reinforcing the higher September high versus the August high…
Arabica Coffee (KC) rebounded more than 1% yesterday, closing near triangle resistance (on the daily chart). With KC back above the 38.2% Fib retrace of the July to August rally, it has all but halted its slide from downchannel resistance (on the weekly chart)…
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Nasdaq100 (NQ) is trying to halt the slide from the August peak of the Dead Cat bounce, attempting to form a higher September low versus the June low. Regardless of the short covering this week with the highly anticipated US FOMC statement, press conference and federal funds rate announcement on Thursday, and US flash services PMI and Fed Chair Powell’s comments on Friday, the bounce off downchannel support (on the daily chart) is unlikely to reach downchannel resistance before month end…
