QM_Dubrovsky

QM_Dubrovsky

A look at a majors-based Japanese Yen Index (which averages JPY against USD, AUD, GBP and EUR) shows that prices are facing key support, lows from late 2017 and early 2018. Meanwhile, the index appears to be trading within the confines of a Falling Wedge. The latest test of the wedge floor could open the door to a near-term bounce to resistance, not necessarily...

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Copper futures are aiming for the May high at 812.60 after prices confirmed a breakout above a Descending Triangle chart formation. The 200-day Simple Moving Average helped maintain the dominant uptrend as the red metal continues to consolidate since earlier this year. A drop back under the July high at 768.50 could undermine upside progress, reorienting copper...

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USD/JPY may be readying to resume the late-September uptrend as prices appear to break above a Bullish Pennant. Still, highs from 2020 may act as key resistance between 111.68 and 112.22. All eyes are on the US jobs report as the Fed gets ready to taper quantitative easing. A rosy outcome could further boost US bond yields, sending USD/JPY higher. Conversely, a...

QM_Dubrovsky

The S&P 500 wrapped up September lower, falling the most since March 2020. Prices took out a bearish Rising Wedge and subsequently confirmed the breakout lower. Now, the index is eyeing the 4224 - 4258 inflection zone. There could be more room to give with the 200-day Simple Moving Average still below. The line could reinforce the dominant uptrend as key...

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AUD/NZD is extending gains in the aftermath of a bullish Hammer candlestick pattern. Prices have since taken out the 20-day Simple Moving Average, a further upside close could confirm the breakout. Such an outcome may place the focus on the 50-day SMA. Clearing the 50-day SMA may open the door to a material turn higher. In such a case, watch the 1.0541 - 1.0564...

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The New Zealand Dollar's next leg could be lower against the US Dollar after the pair seemingly rejected the ceiling of a Falling Wedge chart pattern. While the wedge is in itself a bullish formation, prices may consolidate lower within the boundaries of the pattern until a breakout is achieved. A push above the wedge could hint at resuming the uptrend...

QM_Dubrovsky

The Australian Dollar might have topped against the Yen. AUD/JPY turned lower in early September after negative RSI divergence showed that upside momentum was fading. Prices left behind a key zone of resistance between 81.657 and 82.028 . This also followed a break under an Ascending Channel . A bearish ' Death Cross ' may emerge on the 4-hour chart...

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WTI crude oil prices may resume the broader downtrend since June, guided lower by the boundaries of a Descending Channel . Prices recently tested the ceiling, leaving behind resistance at 70.587 as WTI turned lower. In the event of further losses, the next key test may be the 200-day Simple Moving Average (SMA) , which may reinstate the dominant upside...

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A majors-based US Dollar Index , one that averages USD against EUR, JPY, GBP and AUD, declined this past week. Prices confirmed a bearish Evening Star candlestick pattern, hinting at further losses in the near term. Still, the broader uptrend since June still remains in play. A bullish ' Golden Cross ' between the 50- and 200-day Simple Moving Averages is in...

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Gold prices are seemingly struggling to extend a bounce that was initiated last week after a ' Flash Crash '. Follow-through after a bullish Morning Star seems to be slowing. Falling trendline from May and a bearish crossover between 50- and 200-day Simple Moving Averages seem to be planting a dominant downside bias. Extending last year's top entails a...

QM_Dubrovsky

WTI crude oil prices have been consolidating with a slight downward bias within a Descending Triangle chart pattern. A breakout above the pattern could be a signal that the prior uptrend may resume towards the 78.6% Fibonacci extension at 80.57 . Still, a bearish ' Death Cross ' between the 20- and 50-day SMAs offers a near-term downward bias. The floor of...

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CAD/JPY may be in the process of forming a bearish Head & Shoulders reversal chart pattern. The right shoulder may complete if prices turn lower on the 88.30 - 87.97 inflection zone, where the left shoulder was created back in March. If prices turn lower, the neckline seems to be the 85.82 - 85.41 support zone. Breaking under this area could open the door to...

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After tumbling recently, Hang Seng Futures are back to retesting a former trendline from 2020 as new resistance. This is also around the often pivotal 61.8% Fibonacci retracement at 26078. The near-term 20- and 50-day Simple Moving Averages (SMAs) still offer a downside bias, potentially acting as key resistance in the event prices materially push...

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On the 4-hour chart, USD/JPY seems biased to the downside after prices broke under rising support from April. Resuming the downtrend entails taking out the 109.16 109.03 support zone. However, prices seem to be brewing a bullish Falling Wedge chart pattern. A breakout above the pattern may open the door to resuming the dominant uptrend. FX_IDC:USDJPY

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The recent slightly hawkish RBNZ rate decision and better-than-expected New Zealand second-quarter inflation data is driving local front-end government bond yields higher, especially relative to Australia. AUD/NZD has thus been aiming lower these past few weeks and may continue to do so as it capitalizes on the RBNZ's more hawkish shift compared to the RBA. But,...

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USD/JPY put in a convincing break under rising support from the beginning of this year, opening the door to a lasting turn lower. This also followed the emergence of a Bearish Engulfing candlestick, further compounding the argument to the downside. Now, the 23.6% Fibonacci extension is sitting below as key support at 109.51. Breaking under would expose the...

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A majors-based US Dollar index that averages USD against EUR, GBP, JPY and AUD is testing the ceiling of a Rectangle chart pattern. A breakout to the upside could hint at a reversal of the dominant downtrend. A Golden Cross emerged as the 20-day Simple Moving Average climbed above the 50-day equivalent. The 200-day SMA is also looking like it might be taken...

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The Australian Dollar may be resuming its top against the US Dollar after a potential 'Dead Cat Bonce'. A bearish 'Death Cross' is still in play between the 20-day and 50-day Simple Moving Averages. Still, the 200-day SMA is playing out as key support. A turn back lower and downtrend resumption entails clearing the June 21st low. Such an outcome may open the...