Copper unable to break resistance

The May contract for copper on the daily chart has found a good resistance at the 214.91 level. If the price breaks that level to the upside, then the bullish momentum may accelerate. The MACD indicator is showing a bullish trend, but it is losing strength, probably because of the resistance where the price is at the moment. To the downside, the 200.00 level could act as support in case of a bearish retracement.

Consolidation on orange juice

The orange juice contract for May continues finding a good support around the 125.00 level. The price could come out in any direction, even though the MACD indicator is signaling a slight bearish trend. Below the 125.00, the 113.24 could act as support. To the upside, the 200 day EMA, around the 132.49 could act as resistance, but above that level, the 140.00 could also act as resistance since in the past it acted as support.

The NZD/USD finally breaks to the upside

The New Zealand Dollar versus the US Dollar was in a consolidation between the 55 day EMA around the 0.6619 level and the 200 day EMA around the 0.6718.  The price finally breaks above the 200 EMA, but if it continues rallying, then the 0.6800 level could act as resistance. To the downside, the 200 EMA may act as support. Below the 200 EMA, the 55 EMA may act as support or the low at the 0.6544 level.

Double bottom on the USD/JPY?

The Dollar versus the Yen has fallen and visits again the 111.00 zone where it stalls and bounces to the upside, towards the 112.00 level. On the daily chart of the USD/JPY we can see that the price has formed a possible double bottom pattern. The confirmation line of the double bottom pattern could be the 115.00 level, which means that if the price breaks above the 115.00 level, then the pattern would be completed and the pair could change direction to the upside. However, the 115.00 level may also act as resistance.

Possible descending triangle on the USD/CAD

As oil consolidates, the USD/CAD has also been going sideways and it has found some support around the 1.3700 level. On the daily chart we can see that the pair has been making lower highs and it stays below the 21 day exponential moving average. As the found support at the 1.3700 area, it formed what it appears to be a descending triangle. If the pair breaks to the downside, it may break below the 1.3600 and find some support around the 200 day exponential moving average at the 1.3414 level. To the upside, a breakout of the 21 day EMA may indicate a bullish change of trend.

Bullish Dow

The Dow Jones Industrial Average rallied today as we can see on the daily chart. The Dow breaks above the 16424 and it seems like it is completing a double bottom pattern. If the index continues rallying during this week, it may try to visit the 200 day exponential moving average, around the 16988 level. That 200 day EMA may act as a resistance. If the Dow breaks below the 16424, then the latest low at the 15365 may act as support.

The EUR/USD continues in a support zone

The 200 day exponential moving average continues acting as a good support zone for the EUR/USD, around the 1.1064 level. The more times the price visits that zone, the higher the probabilities of seeing a breakdown. If the price breaks to the downside, then the 1.1000 could act as support or the 1.0900 level. To the upside, if the price bounces up, then the 1.1200 could act as resistance. Fundamentally the Euro stays weak due to the disappointing data from the Eurozone, but the Dollar has not gained enough strength and that is why the pair is having a difficult time trying to break below that moving average.