Nice long setup in the NZDUSD pair, we have a nice fibonacci cluster in the 0,7435 area, were we have a 38% and a 61 % retracement plus a 1,61% extension. Risk/reward is 2:1 if we hit first target and 3:1 on second target.
Nikkei is getting close to the highs of 2007, Usd/Jpy is also near its highs of 2007. Rsi is declining just like 2007, would pay attention to the double top that is forming this week. This might be a trade that offers a great riks/reward of 7:1
Cocoa is getting close to a area of strong resistance, a 50% retracement around 3030 which also is previous support, this might also be a area where those who went long around 2700 is looking to take of some profit. Risk/reward is 2:1 on this trade.
Cotton still remains bearish, is still below 200sma, price action has now come in at a 61% retracement, and a 38% retracement, plus previous support now has become resistance, Rsi is getting overbought, but still no bearish divergence, would wait for a reason to enter this trade, either wait for price action to close below 62,30 tomorrow, or wait for a double top...
Might be a good spot around 200 to go long Feeder Cattle, got a fibonacci cluster with a 1,61,1,38 and a 1,27 extension coming in at around 200,+ a 38% retracement around 200, 200 day moving average is also coming in at around 200. Rsi is also looking like we might get some bullish divergence. I would wait for price action to close above 200 for a couple of days,...