WTI Crude Oil - came into the year with a strong trend that lasted through the first couple of months. Along the way, a big trendline gave out that previously held the highs since 2008. But what did finally catch bulls was the big zone of confluent Fibo resistance from 64.31-67.19. This is the same zone that's caught the highs in 2019, 2020 and now 2021. But -...
Gold spent nine months in a bearish channel making up the bull flag formation. That gave way last week, Gold broke above a big level of confluence around 1860 and has just continued to run. This morning saw the 1900 level come into play, and now bulls facing a bit of pressure. Pullback potential here with RSI going heavy overbought, that prior spot of...
Setup for bearish USD USD jumped yesterday on the back of inflation, is now finding fibonacci resistance. If looking to fade that move, GBP/USD testing support at the 1.4000 handle could be attractive. The 1.4000 psych level gave multiple iterations of resistance on the way up, holding the highs since late-Feb. But, since breaking out, the pair hasn't yet...
This was the same zone that helped to catch the low earlier this year, plotted around the 90.00 psychological level. There's also a 38.2% fibo retracement at 89.92. The Q1 run of strength was a counter-trend pullback in that sell-off, and now that sellers have shown up for the first two months of Q2, stage is set for a showdown at a really big spot on the chart....
ecm 131 day cycles with 8/24/2015 base EURUSD
Gold broke through the 2015 trend-line earlier this morning, but perhaps more interesting is the mid-line of this channel that's been in action for 2+ years. This also coincides nicely with the 61.8% Fib retracement of the 'secondary move,' which takes the 2008 lows to the 2011 highs. A short setup may be approaching should this resistance hold.
Recent break of confluent support at 184 combined with a rising trend-line leave both bearish and bullish connotations for GBP/JPY.