After a choppy range bound week, we can see the market testing the short-term uptrend line, currently around 4110/15 area. A break here would put a test of the 4070 level.

Inter-market analysis can be extremely helpful in building out a technical picture across asset classes. Last week we saw potential completion of a 5 wave up moves in EUR/USD and XAUUSD, and a series of outside day* chart patterns, technical divergences or indicators rolling over across other markets.

Happy Easter all! The major theme across asset classes has been a consolidation of recent ranges, with the exception of the surprise OPEC production cuts, oil gapping up at last week’s open and silver breaking out from a series of lower tops with trendline resistance breaking at the 24.10/15 area.

XAGUSD Daily Bar Chart Silver testing trendline resistance area around…

WTI Oil: 4-hour Close-Only Chart Oil broke down after potential…