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.



« Stock Indexes Weaker; FOMC Awaited | Main | U.S. Stock Indexes Weaker in Early Trading »

U.S. Dollar Weaker Ahead of Fed Decision

CURRENCIES

The March U.S. dollar index is lower in early trading today. A U.S. interest rate cut today is going to be dollar-bearish. Slow stochastics for the dollar index are bearish early today. The dollar index finds shorter-term technical resistance at the overnight high of 75.70 and then at 76.00. Shorter-term support is seen at 75.44 and then at this month's low of 75.27. Today's key near-term Fibonacci support/resistance level: 75.93 Wyckoff's Intra Day Market Rating: 3.5

The March Euro is firmer in early electronic trading. The Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.4738 and then more stops just below support at 1.4700. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.4802 and then at 1.4850. 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: 1.4700. Wyckoff's Intra Day Market Rating: 7.0

GOLD

Gold is near steady in early dealings today. For April gold, shorter-term technical support is seen at the overnight low of $925.00 and then at $920.00. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the contract and all-time high of $939.00 and then just above resistance at $945.00. Today's key near-term Fibonacci support/resistance level: $907.00. Wyckoff's Intra-Day Market Rating: 7.0

CRUDE OIL

Crude oil prices are higher early today. In March crude, look for buy stops to reside just above resistance at $93.00 and then just above resistance at $94.00. Look for sell stops just below technical support at $92.00, and then more sell stops just below support at $91.00. Today's key near-term Fibonacci support/resistance level: $90.90. Wyckoff's Intra-Day Market Rating: 7.0

GRAINS

Prices were weaker in overnight trading. A key for all grain futures traders for the near term is to keep a close eye on the Minneapolis spring wheat futures market. This smaller market has led the wheat futures higher recently, and wheat has led the grains recently. Any significant weakening in the Minneapolis wheat futures market could well have a domino effect in the grains. Grain traders will also continue to look to the key "outside markets" gold and crude oil for direction.

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