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.

Post Calendar
August 2008
Sun Mon Tue Wed Thu Fri Sat
1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31


Site Sponsor

Categories
 

Archives

Advertising

Interested in advertising on TraderBlog.com? Click here for more information.

Policies & Terms

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.



« Grain Futures Hit New Highs in Overnight Trading | Main | U.S. Dollar Lower to Start the Trading Day »

U.S. Dollar Firmer in Early Trading

CURRENCIES

The June U.S. dollar index is firmer in early trading today, on short covering in a bear market. Bears still have the near-term technical advantage. Slow stochastics for the dollar index are bearish early today. The dollar index finds shorter-term technical resistance at 76.20 and then at 76.50. Shorter-term support is seen at Friday's low of 75.83 and then at 75.50. Today's key near-term Fibonacci support/resistance level: 76.06. Wyckoff's Intra Day Market Rating: 4.0

The June Euro is weaker in early electronic trading. 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 1.47790 and then at Friday's high of 1.4800. 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: 1.4685 Wyckoff's Intra Day Market Rating: 6.0

GOLD

Gold is higher in early dealings today. For April gold, shorter-term technical resistance is seen at the contract high of $958.40 and then at the $965.00. Buy stops likely reside just above those levels. Sell stops likely reside just below support at the overnight low of $947.70 and then just below support at $940.00. Today's key near-term Fibonacci support/resistance level: $932.00. Wyckoff's Intra-Day Market Rating: 7.0

CRUDE OIL

Crude oil prices are firmer early today. In April crude, look for buy stops to reside just above resistance at the overnight high of $99.70 and then just above resistance at $100.00. Look for sell stops just below technical support at the overnight low of $98.45, and then more sell stops just below support at $98.00. Today's key near-term Fibonacci support/resistance level: $96.91. Wyckoff's Intra-Day Market Rating: 6.0

GRAINS

Prices were sharply higher in overnight trading. New all-time highs were hit in wheat, soybeans and corn. Grain traders will continue to look to the key "outside markets"--gold, crude oil and the U.S. dollar--for direction.

TrackBack

TrackBack URL for this entry:
http://www.traderblog.com/cgi-bin/mt-tb.cgi/839

Post a comment

(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)

Copyright © 2007 TradingEducation.com, LLC. All rights reserved


tcad.gif

Search Blog
Syndicate TraderBlog
Advertisers