Bearish channel on the FTSE100

The FTSE100 index of the United Kingdom has retraced to the upside today, but we can see that it is actually inside a bearish channel. From the current level the index may try to go back down and visit the lower trendline of the channel as we can see on the daily chart. To the downside there are two levels that could act as support, the first one is the 5846 and the second one is the 5760. However, if the index breaks to the upside, then it could try to go and visit the high at the 6267 level where we can also see the 55 day exponential moving average (purple line), which could act as resistance.

The GBP/USD continues much undecided

The Pound versus the Dollar stays in a range between the 1.5127 as support and the 1.5241 as resistance. The current consolidation seems to be a resting zone for the pair to continue going lower, but for the pair to continue with its bearish trend, this week’s fundamentals out of the US should come out better than expected and the Dollar should strengthen. Actually, there is no clear trend until the pair breaks above the 1.5300 level, which could mean a possible bullish retracement or below the 1.5100 level, which could confirm a continuation of its bearish trend.

Bearish continuation on coffee

Coffee has stayed in a bearish trend with a recent low around the 114.55 level as we can see on the daily chart. Even though the price tried to break above the Parabolic SAR points, it actually came back down and it could try to visit the 114.55. To the upside, the commodity seems to have found a good resistance around the 125.70 level and a breakout above that zone could take the price all the way to its most recent high around the 140.87 level in the medium term.

The S&P500 keeps its bearish trend albeit today´s rally

The S&P500 index from the US has made a bullish retracement today, but it is still keeping its bearish trend as we can see on the 4 hour chart. Today the index has found a good support at the 1896 level from where it is trying to bounce to the upside, but the 55 and 200 exponential moving averages are pointing down and they could act as resistance for the index. If the index breaks below the 1896 level, then it is possible for it to continue falling to the 1829 level.

Symmetrical triangle on gasoline

The October contract for gasoline has made what it appears to be a symmetrical triangle on the daily chart between the 1.2262 and the 1.5071. If the price breaks below the symmetrical triangle, then it is possible to see a visit to the 1.2262 and the zone could act as a support. If the price breaks above the triangle and surpasses the 1.5071 level, then the next resistance on gasoline could be the 1.7752 level.

EUR/GBP: Breakout and pullback pattern on the 4 hour chart

The Euro versus the Pound has formed a breakout and pullback pattern around the 200 period exponential moving average (blue line) on the 4 hour chart, at the 0.7247 level. At the moment, the 200 period moving average is acting as a resistance and the price may try to bounce from that zone to the downside. If the price bounces to the downside, then the 0.7200 level could act as support. However, if the price breaks above that 200 period moving average, then the 0.7284 level may act as resistance.

The DAX retraces 2.71% for today

The DAX index from Germany comes back to the downside and it drops 2.71% from yesterday’s close, but the index is actually in a consolidation. The 9 period Stochastics on the daily chart are pointing to the upside, but a bearish cross could mean that the index is trying to go back to its bearish trend. If the index breaks below the 9886 level, then it may try to go and visit the low at the 9313 zone, which could act as support. To the upside, a breakout above the 10385 could take the index to the 200 day exponential moving average, around the 10863 level, which could act as resistance.

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Cotton stays consolidated

Cotton has been one of the many commodities that have been very volatile, but without taking a clear trend. On the daily chart of cotton we can see that the 55 and 200 exponential moving averages are “braiding”, indicating that there is no clear direction on the commodity and that price may take off in any direction. On this same chart we can see that cotton has found a good support on the 62.00 round number level and a good resistance on the 68.00 level. If the price breaks below the 62.00 level, then the 57.00 level could act as its next support. If the price breaks above the 68.00 level, then the 71.00 round number level could act as its next resistance.

NZD/USD: Has not been able to break below the 0.6300 level

The New Zealand Dollar versus the US Dollar stays consolidated for today just above the 0.6300 level and it seems to stall its bearish momentum. However, the bearish trend is still in place as we can see on the daily chart with the 55 and 200 period exponential moving averages having a good angle of inclination and good separation among them. If the price breaks below the 0.6300 level, then the next round number level of the 0.6200 could act as support. To the upside, the 55 day exponential moving average (purple line), could act as resistance if the price retraces to the upside as it did in the past.