Crude Oil - Daily remains flagging. Support was quickly bought and closed at the top of its channel (flag). Weekly 20- & 50-period moving averages recently crossed bullish. As stated last week $110 is significant resistance
Copper -Still basing under that $3.95-$4 level. Remains in constructive consolidation mode
The U.S.Dollar Index saw rejection above $80.50 and if it can't get any further upside momentum going looks like it could set up a bearish 2b pattern
The EURUSD pair is oscillating within a down sloping channel. Above the trendline (weekly) could see a bullish breakout, obviously a break below 1.265 would be bearish, but a higher low can be forming here (currently holding a 50% retrace of the most recent bullish momentum, not shown).
Gold - It would be interesting to see a move to $1600 to gauge buyer interest. Either way, so long as this higher low (weekly chart) is defended an inverse head & shoulders is in play should price work its way back up to the neckline.
2 comments:
Todd, thank you for your overview.
In regards to the EURUSD, it will surprising if the HL bullish scenario works out. So far everyone was/is predicting 1.16, if we break above the sloping trendline a lot of ppl will be caught covering their shorts...l interesting!
"everyone was/is predicting 1.16" <<I don't understand what you mean by this.
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