The Dow Jones Industrial Average has the September high in focus after a Bullish Engulfing candlestick pierced prompted prices to pierce above trendline resistance. An advancing RSI suggests healthy momentum, putting a bullish lean on upcoming price action.
Iron ore prices have carved out a Descending Triangle pattern. That puts a breakdown on the table if prices pierce below wedge support. The measured move puts a downside target well below the 90 psychological level, leaving the 2021 low in focus.
Copper prices are at risk of moving lower as an inverted handle takes shape following an inverted cup. The Inverse Cup and Handle pattern is an inherently bearish formation. A break below handle support would threaten the 3 psychological level.
Cotton prices make a decisive break below an area of resistance turned to support, which dates back to February 2021. The move sets prices up for a test of the 90 psychological level as the Relative Strength Index (RSI) tracks deeper into oversold conditions.
Gold looks ready to make another leg lower as prices challenge pennant support. A drop near the psychologically-important 1,600 level is in the cards.
Lumber prices are trading near their 2021 low as prices extend a multi-week losing streak. A break below 452.2 would likely induce further weakness, and the chart setup appears biased for more pain. However, if bulls defend that level, a Falling Wedge offers a potential breakout chance, but it would first require prices to rise to and break wedge resistance.
The US Dollar DXY Index pierced above Falling Wedge resistance on Friday, positioning itself for a breakout. If prices surmount the 20-day Simple Moving Average, a run higher to the 2022 swing high at 109.29 may be on the cards. MACD is on course to make a bullish cross above its centerline on the 8-hour chart, which could bolster sentiment. However, a failed...
The Dow Jones Industrial Average rose 0.77% this week, which put prices up against Falling Wedge resistance. If bulls can break resistance, it may trigger a breakout. If so, a rally to the 38.2% or 61.8% Fibonacci retracement levels could be on the cards. The MACD and RSI oscillators are showing positive movement toward their respective mid-points. A bearish bias...
USD/CNH eyeing a possible break below triangle support, which may see prices break down, potentially to the rising 100-day SMA.
GBP/USD forms a Bear Pennant, putting prices at risk of resuming the former downward trend from mid-June (flag pole). A break below support puts the May and June lows in danger, with further losses possible.
GBP/USD Falling Wedge pattern is in play. An upside break may be on the cards, with MACD and RSI flashing positive signals on the 4-hour chart. The 20- and 50-day Simple Moving Averages may provide upside targets if a breakout does occur.
Copper prices are probing its 200-day Simple Moving Average after a bout of weakness. A clean break lower would expose the 2022 low at 4.2820, with a deeper pullback potentially threatening the 4.0000 psychological level.
AUD/USD is trading at its 61.8% Fibonacci retracement and 50-day Simple Moving Average. Meanwhile, RSI is tracking below the neutral 50 mark, and MACD is nearing a cross below its centerline. Will prices rebound or break down further? A break lower may see the 100-day SMA threatened.
GBP/USD pierced above Falling Wedge support this week following three weeks of downward price action. Bulls may target the 20- or 50-day Simple Moving Average next week. MACD strengthening across multiple timeframes suggest more upside may be in store.
US natural gas futures (Henry Hub) are under pressure following a sharp surge higher, pinging former trendline support before easing. Prices may remain elevated, given colder-than-average temps expected to last through next week from the Ohio Valley to the Southeast US. Meanwhile, Europe continues to source a high amount of US LNG cargoes amid a supply crunch and...
Crude oil is showing multiple Bearish RSI divergences, but the fundamentals -- which take precedence (IMO) -- e.g., OPEC spare capacity, Ukraine, increasing demand, etc., appear increasingly bullish. EIA inventories due out this week show an expected build of 962k barrels, according to Bloomberg. That would mark the third week of storage increases for WTI, but...
GBP/USD found support around the 161.8% Fibonacci extension -- a common target -- after a Head and Shoulders breakdown. Prices look primed to fall further after forming a Bear Flag pattern. A break below flag support would likely invite further weakness. A drop to the H&S's 261.8% Fib extension would put prices back at December levels.
The Japanese Yen strengthened against the US Dollar for a second week, with USD/JPY slicing below its 50-day Simple Moving Average (SMA) in the process. This comes after the pair rose to its highest level since January 2017 earlier this month. The formation of a Bearish Engulfing Candlestick on the weekly chart sent a signal to Yen bulls last week. That, along...