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28 August 2025,06:43
Chart The Market
28 August 2025, 06:43
COFFEE, D1:
Coffee futures have staged a powerful recovery, rallying decisively from a steep selloff that saw prices decline more than 30% from their April peak near the $4.41 per pound level. The commodity found strong support around the $2.80 mark, where it formed a double-bottom reversal pattern—also interpreted as a “W” pattern—signaling a robust shift in market structure and reinforcing a bullish technical outlook.
Prices are now advancing toward all-time high territory, with a clear break above the historic resistance level of $4.41 likely to confirm a resumption of the long-term uptrend and open potential for further gains.
Momentum indicators are strongly aligned with the bullish price action. The Relative Strength Index (RSI) has moved into overbought territory, reflecting sustained buying pressure, while the Moving Average Convergence Divergence (MACD) has crossed above its zero line and continues to diverge upward, supporting the case for continued near-term strength.
The combination of a major chart pattern completion and confirming momentum signals suggests the recovery is well-supported. A successful breach of the $4.41 level would be widely interpreted as a significant bullish milestone, likely attracting additional momentum-driven buying.
Resistance Levels: 4.256, 4.760
Support Levels: 3.290, 2.800
EURCAD, H4
The EUR/CAD pair has broken below its uptrend channel, signaling a shift toward a bearish bias. The downtrend extended in the latest session, with the pair sliding 0.37%.
The pair is now approaching a key support level near 1.5950, aligning with the 61.8% Fibonacci retracement level, where a technical rebound could be in play if buyers step in.
Momentum indicators continue to point to weakness, with the RSI edging lower and the MACD crossing below the zero line, underscoring the pair’s prevailing bearish momentum.
Resistance Levels:1.6120, 1.6175
Support Levels: 1.6000, 1.5950
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