U.S. Dollar Firmer as Greenback Bulls Gain Confidence

Tags: Market News
7 Feb 1:17pm
Posted by JimWyckoff
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CURRENCIES

The March U.S. dollar index is higher in early trading today. The bulls have gained some fresh upside momentum this week. Slow stochastics for the dollar index are bullish early today. The dollar index finds shorter-term technical resistance at the overnight high of 76.65 and then at 76.80. Shorter-term support is seen at the overnight low of 76.25 and then at 76.00. Today's key near-term Fibonacci support/resistance level: 76.54. Wyckoff's Intra Day Market Rating: 7.0

The March Euro is lower in early electronic trading. Bulls have faded badly this week. The Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.4535 and then more stops just below support at 1.4500. Shorter-term technical resistance for the Euro is seen at 1.4600 and then at the overnight high of 1.4638. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish early today. Today's key near-term Fibonacci support/resistance level: 1.4576 Wyckoff's Intra Day Market Rating: 3.5

GOLD

Gold is firmer in early dealings today. Trading has become choppy recently. For April gold, shorter-term technical resistance is seen at the overnight high of $915.20 and then at this week's high of $917.40. Buy stops likely reside just above those levels. Sell stops likely reside just below support at $900.00 and then just below support at the overnight low of $890.00. Today's key near-term Fibonacci support/resistance level: $888.00. Wyckoff's Intra-Day Market Rating: 7.0

CRUDE OIL

Crude oil prices are weaker early today. Prices are in a downtrend on the daily bar chart, from the early-January high. In March crude, look for buy stops to reside just above resistance at the overnight high of $87.60 and then just above resistance at $88.00. Look for sell stops just below technical support at $86.00, and then more sell stops just below support at the January low of $85.42. Today's key near-term Fibonacci support/resistance level: $88.15. Wyckoff's Intra-Day Market Rating: 4.5

GRAINS

Prices were mixed in overnight trading. Wheat was sharply higher, corn near steady and soybeans lower. The corn and soybean bulls appear to have become exhausted at higher levels. If wheat continues to surge, the downside in corn and beans will be limited, however. Traders will closely scrutinize this morning's weekly USDA export sales data. Also, traders are awaiting Friday morning's monthly USDA supply and demand report.

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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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