Triple bottom on the Canadian Dollar

The USD/CAD has found a good resistance on the 1.2900 level and on the daily chart we can see that the pair has already touched three times the same level. A breakout of the 1.2900 level could cause the price to accelerate towards the 1.2800 level, due to the fact that the bearish energy is accumulating on that zone. To the upside, the 21 day exponential moving average may continue acting as resistance, but a breakout of that moving average could cause the price to go and visit the 200 day EMA, around the 1.3350 level, blue line.

Silver could find resistance

The 16.00 level has proven to be a good resistance zone for silver. The metal has recently touched that level on different occasions, but it has not been able to break it. A breakout of the 16.00 level could cause the price to go and visit the 16.34 level, which could act as resistance. To the downside, the 200 day EMA around the 15.17 level could act as support. The 55 day EMA, purple line, is trying to cross above the 200 day EMA, if that cross happens, then silver could continue heading higher.

Good pullback on corn

The Fibonacci Retracements that have the highest probability of acting as support or resistance are the 61.8% and the 76.4%. On the 4 hour chart of corn we can see that the commodity has fallen from the 373.24 to the 346.76 to start retracing to the upside. Today the price of corn breaks above the 50% Fibo and it may try to visit the 61.8% Fibo, around the 363.11. On the 363.11 level we also have the 200 period exponential moving average, which makes the zone an even more important resistance level. Above that level, the 76.4% Fibo may also act as resistance. To the downside, the 23.6% Fibo may act as support.

The Dollar index continues undecided

The size of the real bodies of the candlesticks can show us the strength of the trend. If the bodies are shown as “spinning tops” or “dojis”, then that means that the instrument is very undecided as with the Dollar index. If on top of having small real bodies, the candlesticks also show long shadows on either side, then the instrument is undecided with high volatility. On the daily chart of the Dollar index we can see that the instrument has been oscillating above the 94.23 level. From this point on, the index could break out in any direction, but it seems like it wants to head lower since the 55 day EMA has crossed below the 200 day EMA. If the index breaks to the downside, then the 93.82 could act as support. To the upside, if it breaks above the 95.10 level, then its next resistance could be the 96.41 level.

Disney shares fall

Disney’s shares fell 1.7% and closed at 97.05 Dollars on the New York Stock Exchange. During this year, Disney shares have fallen about 6.1% so far. It seems like things are not getting better for the company, now that the supposed replacement for the current CEO has decided to quit. Supposedly, certain board members were not satisfy with leaving Mr. Tom Staggs in charge of Disney. Staggs, who is 55 years old was supposed to replace Robert Iger on June, 2018 when Mr. Iger’s contract expires. But Mr. Staggs decided to quit, because of the lack of support from the board members. Now Disney executives will have to find a replacement for Mr. Iger outside the company. Some possible candidates that may replace Mr. Iger are Sheryl Sandberg from Facebook or Steve Burke from Comcast Corp.

Big drop on oil

Light crude oil or WTI has broken today below its 55 day exponential moving average and below the 37.00 level. The uncertainty around oil continues and it is possible that the oil producing countries do not come to an agreement on freezing production. That is why oil for today comes near the 35.00 level. To the upside, the 37.00 could act as resistance and to the downside, the 35.00 could act as support.

The EUR/JPY keeps its bullish trend

Even though the EUR/JPY has been making some bearish pullbacks on the daily chart, the pair has actually kept its bullish trend and it is possible for the price to make a higher high, above the 128.21 level. Over this same chart we can see a confirmed bullish trendline; therefore, a breakdown of that red line could make the price fall to the 124.65 level. Below the 124.65 level, its next support could be the 122.07 level. To the upside, the 200 day exponential moving average, around the 130.14 level could also act as resistance.