U.S. Dollar Slightly Lower in Early Dealings

Tags: Market News
31 Mar 1:28pm
Posted by JimWyckoff
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CURRENCIES

The June U.S. dollar index is slightly lower in early trading today. Bears still have the near-term technical advantage. Slow stochastics for the dollar index are neutral early today. The dollar index finds shorter-term technical resistance at 72.25 and then at 72.50. Shorter-term support is seen at the overnight low of 71.95 and then last week's low of 71.75. Today's key near-term Fibonacci support/resistance level: 72.44. Wyckoff's Intra Day Market Rating: 4.0

The June Euro is higher in early electronic trading. Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.5705 and then more stops just below support at 1.5667. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.5780 and then at the contract high of 1.5820. 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: 1.5607. Wyckoff's Intra Day Market Rating: 7.0

GOLD

Gold is modestly higher in early dealings today. For June gold, shorter-term technical resistance is seen at the overnight high of $943.90 and then at $950.00. Buy stops likely reside just above those levels. Sell stops likely reside just below support at the overnight low of $931.60 and then just below support at Friday's low of $928.00. Today's key near-term Fibonacci support/resistance level: $958.50. Wyckoff's Intra-Day Market Rating: 6.0

CRUDE OIL

Crude oil prices are modestly weaker early today. In May crude, look for buy stops to reside just above resistance at $106.00 and then just above resistance at $107.00. Look for sell stops just below technical support at $104.00, and then more sell stops just below support at $103.00. Today's key near-term Fibonacci support/resistance level: $103.12. Wyckoff's Intra-Day Market Rating: 5.0

GRAINS

Prices were mixed in overnight trading. Soybeans and corn were higher and wheat was lower. Today's key USDA planting intentions report will garner much trader scrutiny. However, after today it's likely traders again will look to the key "outside markets" gold, crude oil and the U.S. dollar for direction. The wheat and soybean bulls are still in some trouble. Corn is the strongest market, technically, but if wheat and beans can't make upside headway, the upside will also be limited for corn.

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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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