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.



« U.S. Treasuries Stronger in Early Trading | Main | U.S. Stock Indexes See Modest Rebound Early »

U.S. Dollar Still in Weak Technical Posture

CURRENCIES

The September U.S. dollar index is lower in early trading. Bears still have near-term technical momentum. Slow stochastics are bearish early today. The dollar index finds shorter-term technical resistance at the overnight high of 80.82 and then at 80.89. Shorter-term support is seen at the overnight low of 80.53 and then at 80.35. Today's key near-term Fibonacci support/resistance level: 80.92. Wyckoff's Intra Day Market Rating: 4.0

The September Euro is slightly higher in early electronic trading. Bulls have near-term technical momentum. The Euro finds sell stop orders are likely located just below technical support at 1.3650 and then more stops just below support at 1.3631. Shorter-term technical resistance for the Euro is seen at 1.3700 and then at 1.3730. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish early today. Today's key near-term Fibonacci support/resistance level: 1.3683. Wyckoff's Intra Day Market Rating: 6.0

GOLD

Gold is trading slightly higher in early dealings today. For December gold, shorter-term technical support is seen at the overnight low of $674.80 and then at $672.50. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at last week's high of $679.00 and then at $682.50. Today's key near-term Fibonacci support/resistance level: $684.50. Wyckoff's Intra-Day Market Rating: 5.0

CRUDE OIL

Crude oil prices are slightly higher in early electronic dealings. In October crude, look for buy stops to reside just above resistance at $72.50 and then just above resistance at $73.00. Look for sell stops just below technical support at $71.50, and then more sell stops just below support at $71.00. Today's key near-term Fibonacci support/resistance level: $72.26. Wyckoff's Intra-Day Market Rating: 5.0

GRAINS

Prices were higher in overnight trading, with wheat leading gains. Corn and bean bulls have pretty much played out the bullish impact of flooding in the Corn Belt. Focus will now turn to demand instead of supply. Wheat bulls continue strong amid strong worldwide demand and still no solid technical clues that a near-term top is close at hand.

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