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.



« Gold Futures Hit Fresh All-Time High Overnight | Main | U.S. Stock Indexes Weaker Early »

U.S. Dollar Weaker in Early Dealings

CURRENCIES

The March U.S. dollar index is weaker in early trading today. Bears still have the overall near-term technical advantage. Slow stochastics for the dollar index are bearish early today. The dollar index finds shorter-term technical resistance at the overnight high of 76.17 and then at 76.38. Shorter-term support is seen at this week's low of 75.91 and then at 75.80. Today's key near-term Fibonacci support/resistance level: 76.54. Wyckoff's Intra Day Market Rating: 4.0

The March Euro is firmer in early electronic trading. Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.4694 and then more stops just below support at 1.4650. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.4753 and then at 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, and hit a fresh all-time high overnight. For April gold, shorter-term technical resistance is seen at the overnight contract high of $952.40 and then at $955.00. Buy stops likely reside just above those levels. Sell stops likely reside just below support at the overnight low of $941.00 and then just below support at $935.00. Today's key near-term Fibonacci support/resistance level: $928.00. Wyckoff's Intra-Day Market Rating: 8.0

CRUDE OIL

Crude oil prices are weaker early today, on profit-taking pressure from recent strong gains. In April crude, look for buy stops to reside just above resistance at $100.00 and then just above resistance at Wednesday's contract high of $108.86. Look for sell stops just below technical support at $98.00, and then more sell stops just below support at $97.00. Today's key near-term Fibonacci support/resistance level: $96.91. Wyckoff's Intra-Day Market Rating: 5.0

GRAINS

Prices were higher in overnight trading. Weekly USDA export sales data is delayed until Friday, due to the federal holiday on Monday. The grain bulls have made a big run and now may need to at least pause for a bit. Grain traders will continue to look to the key "outside markets"--gold, crude oil and the U.S. dollar--for direction. My bias is also that wheat will continue to be a leader in the grain futures complex.

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