Another visit to the CRB index to see what the broader commodities may be up to ?
Main window is the CRB index in the middle correlation between CRB and XAO ( All Ords.) and the bottom window is the correlation between EURUSD pair and CRB.
In the main window, we have seen a BREAKOUT with CRB at the Yellow resistance line which is holding. The down trendline in solid Red had been violated, another bullish development. There is an established UP TRENDING Channel with its boundaries as shown with Green Resistance and Support lines, another bullish development. It had also cleared it’s 40 period SMA which is another bullish development. More positive than negative on this front with the broader commodities as of this writing.
In the middle as well as the bottom windows there is a clear evince that All Ords as well as EURUSD are positively correlated with the broader commodities. Most of the time in these relationships between CRB and All Ords as well as CRB and EURUSD have been above the zero line which indicates that.
Lets now wait and see the BREXIT polling result and it’s effects to all three instruments in analysis.
I am on the BULL CAMP with CRB, XAO (All Ords) and EUROUSD as of this writing from all the evidence available to date, where I may proven to be wrong.
Chart is courtesy of StockCharts.com
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