After a four-week low Tuesday, Jul-21 NY cocoa consolidated later in the week below its 20-day moving average, closing the week straddling Fibonacci retracement support above $2,410.
Jul-21 London cocoa closed Thursday at a four-week low but was likely to rebound slightly in an inside session Friday—underscoring the overall lack of direction. The contract has found a compelling ceiling in its 20-day moving average and will likely find support around £1,600.
The dollar index seems set on remaining within its short-term trading range just above its mid-May lows. In recent trading, the pound sterling is consolidating near its recent three-year highs vs. the dollar.
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