Chart of the Day

Oil is testing 72   Oil is testing the most important downside resistance/upside support 72. This is the intersection of the two long-term bullish wedges, broadening and descending wedge, and a bounce off here is required for the upside reversal and a test of 83 on the upside. A break […]

Copper is retesting 3.7300   Copper is retesting the broken upside resistance of 3.7300. A bounce here is required for the upside continuation and an extension higher to 4.2. Only a break below 3.7000 would lead to a deeper pullback which is highly unlikely given the price action we see

DXY is retesting 105.650   DXY is retesting the broken downside resistance of 105.650. A rejection here will be an important signal for the downside continuation and a continuation lower to 102 which is the most significant downtrend resistance. Only a break above 106 will lead to a reversal higher.

USDCAD retest rejection for a downside continuation   USDCAD is rejected from the previously broken resistance retest 1.3480. This will lead to a downside continuation which should accelerate upon a break below 1.3400. There is no significant resistance downside as the pair could quickly go for the 1.3000 test. Note:

Brent Oil is testing the falling trendline 87 resistance   Brent Oil briefly broke above 87 but we need a confirmed break above this resistance for the upside reversal. This is the most important upside reversal resistance which could lead to an upside continuation to 95. A rejection here would