U.S. Dollar Lower Again in Early Trading

28 Sep 1:12pm
Posted by JimWyckoff
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CURRENCIES

The December U.S. dollar index is lower in early trading, and hit another fresh contract low overnight. Slow stochastics are neutral early today. The dollar index finds shorter-term technical resistance at the overnight high of 78.21 and then at this week's high of 78.56. Shorter-term support is seen at 78.00 and then at 77.75. Today's key near-term Fibonacci support/resistance level: 78.65 Wyckoff's Intra Day Market Rating: 1.0

The December Euro is higher in early electronic trading and hit another fresh contract and all-time high overnight. The Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.4166 and then more stops just below support at 1.4133. Shorter-term technical resistance for the Euro is seen at the overnight contract high of 1.4218 and then at 1.4250. Buy stops likely reside just above those levels. Slow stochastics for the Euro are neutral early today. Today's key near-term Fibonacci support/resistance level: 1.4078. Wyckoff's Intra Day Market Rating: 8.0

GOLD

Gold is trading higher in early dealings today. For December gold, shorter-term technical support is seen at the overnight low of $740.00 and then at $737.50. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at last week's high of $747.10 and then just above resistance at $750.00. Today's key near-term Fibonacci support/resistance level: $733.70. Wyckoff's Intra-Day Market Rating: 8.0

CRUDE OIL

Crude oil prices are near steady in early electronic dealings. In November crude, look for buy stops to reside just above resistance at Thursday's contract high of $83.09 and then just above resistance at $83.50. Look for sell stops just below technical support at $82.40, and then more sell stops just below support at $82.00. Today's key near-term Fibonacci support/resistance level: $81.34. Wyckoff's Intra-Day Market Rating: 7.0

GRAINS

Prices were steady to lower in overnight trading. Traders are awaiting this morning's USDA quarterly grain stocks report, which is expected to be friendly for the markets--showing strong worldwide demand amid tight supplies. Corn, soybeans and wheat remain fully bullish with no early technical clues that market tops are close at hand.

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About

JimWyckoff

Jim Wyckoff has been involved with the stock, financial and futures markets for more than 20 years. He was born and raised in Iowa, where he still resides. Wyckoff became a financial journalist with Futures World News for many years, cutting his teeth as a reporter on the futures trading floors in Chicago and New York, where he covered every futures market traded in the United States at one time or another. Not long after he began his career in financial journalism, he began studying technical analysis. By studying chart patterns and other technical indicators, he realized this approach to analyzing and trading markets could level the playing field between “professional insiders” in the markets and individual traders. His extensive studies of technical analysis and knowledge of markets led to several positions, including chief technical analyst at several well-known companies. He says his mission is not just to generate profits for traders but to also provide them with educational and insightful information because, in the fascinating business of trading, one never stops learning. Wyckoff received a Bachelor of Science degree at Iowa State University, graduating in 1984 with a major in journalism and a minor in economics. He and his wife have two children, a son in high school and a daughter in college. When he’s not analyzing markets and educating traders, Wyckoff says he loves adventures, from driving a Jeep across the highest mountain pass in the continental United States to extreme winter camping in the Boundary Waters to hiking in the jungles of South America.

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