About Me

Name: Jim Wyckoff
Location: Iowa
Hobbies: Boating, Camping, Hiking, and anything else outdoors

I am a Senior Market Analyst for www.TradingEducation.com a FREE educational website. I have been involved with the stock, financial and futures markets for more than 20 years. I became a financial journalist with Futures World News for many years, where I covered every futures market traded in the United States at one time or another. Not long after I began my career in financial journalism, I began studying technical analysis. My extensive studies of technical analysis and knowledge of markets led to several positions, including chief technical analyst at several reputable companies.

You can also read additional FREE daily commentary at www.TradingEducation.com.

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The mission of my morning web log, or "blog" is to provide you with the very latest perspective and opinion on selected key markets. I will help you start your trading day by providing you with concise and valuable trading "nuggets" to help you in your daily trading plans.



« Crude Oil Firmer in Early Morning Dealings | Main | U.S. Stock Indexes Firmer Early »

U.S. Dollar Firmer in Early Trading

CURRENCIES

The June U.S. dollar index is slightly higher in early morning trading. Slow stochastics are bullish early today. The dollar index finds shorter-term technical resistance at the overnight high of 82.15 and then at last week's high of 82.29. Shorter-term support is seen at the overnight low of 82.00 and then at 81.75. Wyckoff's Intra Day Market Rating: 5.5

The June Euro is slightly lower in early electronic trading. The Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.3519 and then more stops just below support at the May low of 1.3482. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.3560 and then at 1.3600. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish early today. Wyckoff's Intra Day Market Rating: 5.0

GOLD

Gold is trading slightly higher in early trading today. Bears have gained near-term technical momentum this week. For June gold, shorter-term technical support is seen at the overnight low of $661.50 and then at this week's low of $660.60. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $665.30 and then at $667.50. Wyckoff's Intra-Day Market Rating: 4.0

CRUDE OIL

Crude oil prices are modestly higher in early electronic dealings. In June crude, look for buy stops to reside just above resistance at this week's high of $63.30 and then just above resistance at $64.00. Look for sell stops just below technical support at $62.50, and then more sell stops just below support at $62.00. Wyckoff's Intra-Day Market Rating: 5.5

GRAINS

Prices were lower in overnight trading, on profit-taking pressure from recent gains. Corn and soybean bulls still have some technical momentum on their side, as traders have seen dips in these markets as buying opportunities. Wheat will be a follower of corn and soybeans for the near term, but the wheat bulls don't have the momentum that corn and bean bulls have.

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