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Like the rest of the yen crosses, CADJPY has been directionless for the better part of this year. The pair has been ranging between 81.70 and 84.00 since early March. But sometimes these ranges can offer opportunities. For instance, the CADJPY price action since late March suggests we could see the pair return to those […]Continue Reading
Yesterday I pointed out how AUDUSD buyers needed a daily close above 0.7165. That’s the location of former descending channel resistance. As we know, old resistance becomes new support. And that’s exactly what has happened with AUDUSD so far this week. Buyers cleared channel resistance on Friday. It was close, but Friday’s final print of […]Continue Reading
Gold just dropped below a level that has held as support all year. The 1280 level is one that I’ve mentioned several times in 2019 including the February 28th commentary and again on March the 27th. Both times the 1280 area was our target. However, this time around 1280 is likely going to serve as […]Continue Reading
AUDUSD bulls are fighting for survival today. After what appeared to be a close above former channel resistance (new support) at 0.7170 on Friday, the pair held above the level on Monday. That confirmed my suspicion that AUDUSD had indeed broken free. However, today’s RBA monetary policy meeting minutes sparked new interest in Australian dollar […]Continue Reading
Earlier this month crude oil tested a confluence of resistance at 63.80/90. It’s the intersection of ascending channel resistance and a horizontal level that served as support during the second half of last year. The 63.80 level is also the 61.8% Fibonacci retracement of the late 2018 selloff that took oil from 76.70 to 42.40 […]Continue Reading