Chart of the Day

DAX is bouncing off the uptrend support line   DAX is bouncing off the 12600 again.  It has formed a long-term range triangle with the most important 12600 downside resistance. A bounce from this level could lead to a short-term reversal higher and a test of 13500, which is now […]

USDJPY is being rejected by 145   USDJPY is being rejected multiple times by 145.  It has formed an ascending wedge (usually bearish) and is testing an important 145 level. A confirmed break below 142 would indicate a possible deeper reversal pullback is coming. There is visible RSI negative divergence

XAUUSD is nesting in the 1660-1680 zone   XAUUSD is testing the long-term uptrend line support 1660.  It has formed a descending wedge (usually bullish) and is piercing the important 1660-1680 zone. Bounce from 1660 is extremely significant for the upside reversal and a test of the wedge 1710.  A

NZDUSD is testing 0.6000   NZDUSD is testing the bottom of the flag channel in a falling wedge (usually bullish) and a significant RSI-positive divergence.  The bounce here could produce a 300-400 pips upside rally to declare an end of a five-waves down and a beginning of a new potential

Oil is bouncing off the 80   Oil has made a significant bounce from the strong rising wedge support 80.  This could lead to a 92, a significant upside reversal resistance test. After a recent sell-off, a break above 92 is required for a complete upside reversal. Now only a