Platinum keeps its bullish trend

Even though the commodities sector has been in a downtrend, platinum has kept a very good bullish trend as we can see on the daily chart. During the last few days, platinum has taken a break after hitting a high at the 1023.87 level, but this consolidation could just be a resting point to continue going higher. If it breaks above the 1023.87 level, the price may find some resistance at the 1035.85. There is also the probability of seeing a retracement to the downside, therefore if the price breaks below the 997.46, the bearish momentum may accelerate.

Volatility with no direction on the EUR/USD

The Euro versus the Dollar has stayed inside a range between the 1.1300 level as support and the 1.1400 as resistance. The lack of fundamental announcements from the Eurozone and from the US has kept the pair much undecided. Tomorrow we have the European Central Bank meeting and speech and probably investors and traders are waiting for this information before taking any bets on the EUR/USD. Even though during the last few days we can see a consolidation on the daily chart, we have actually detected a breakdown of the last bullish trend. However, the price may try to go back up and if it breaks above the 1.1400 level, it may try to go and visit the 1.1500. Below the 1.1300, its next important support could be the 1.1200 level.

Oil keeps its bearish momentum

Oil keeps its downtrend and has entered again the previous consolidation area below its 55 day exponential moving average (purple line). At the moment, crude may find some support at the 45.69 zone, but if it breaks that level to the downside, then it may try to go and visit the 44.00. To the upside, the 50.00 level may continue acting as a resistance.

Good resistance on the Mexican Peso

The Mexican Peso along with most of the emerging market currencies has been suffering strong drops versus the Dollar, but on the 4 hour chart of the USD/MXN we can see how the Dollar has been losing strength versus the Mexican Peso and it seems like it has formed a bearish channel. The pair has made some bullish retracements inside the channel, but the 55 period exponential moving average (purple line), has acted as a good resistance. That is why now that the price is visiting once again that moving average, it may act as a resistance and the price may try to bounce to the downside. If the price bounces to the downside, then the low at the 16.32 level may act as a support. If it breaks to the upside, the 200 period exponential moving average (blue line), may act as a resistance.

Copper retraces to the downside during today’s session

Copper has had a good uptrend for the last few weeks as we can see on the daily chart of the December contract. During the last few days it has stay consolidated just above the 55 day exponential moving average (purple line), which has acted as a good support. Today we see that the price has retraced to that moving average, but it could continue rallying. If the price continues rallying then its next resistance could be the 249.31 level. Above the 249.31 level, its next resistance could be the 200 day exponential moving average (blue line) at the 257.56. If it breaks below the bullish trendline, then its next support could be the low at the 222.66 level.

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Follow-up on the “Rising Wedge” of corn

A few days ago we identified a Rising Wedge formation on the daily chart of corn and we said that it would probably take it a few more days before breaking to the downside. However, today we see that the price has broken below the lower trendline of the rising wedge and the bearish momentum may accelerate from this point on. The target of the rising wedge is the lowest level of the formation, meaning the low at the 345.54 level. Even though the price may do some retracements along the way, it is possible for the price to reach that level. If the price goes back inside the formation, then the pattern will be invalidated and the 399.50 level could act as resistance.