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. Stock Indexes Weaker, Treasuries Firmer Early | Main | U.S. Dollar Stronger in Early Trading Today »

U.S. Dollar Firmer Early, But Still Wobbly

CURRENCIES

The June U.S. dollar index is firmer in early trading today. Bears still have the overall near-term technical advantage. Slow stochastics for the dollar index are neutral early today. The dollar index finds shorter-term technical resistance at Tuesday's high of 72.15 and then at this week's high of 72.27. Shorter-term support is seen at the overnight low of 71.53 and then at Tuesday's contract low of 71.05. Today's key near-term Fibonacci support/resistance level: 71.86. 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 1.5850 and then more stops just below support at 1.5800. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.5964 and then at the contract high of 1.5985. Buy stops likely reside just above those levels. Slow stochastics for the Euro are neutral early today. Today's key near-term Fibonacci support/resistance level: 1.5864. Wyckoff's Intra Day Market Rating: 6.0

GOLD

Gold is lower in early dealings today. For June gold, shorter-term technical resistance is seen at $915.00 and then at $920.00. Buy stops likely reside just above those levels. Sell stops likely reside just below support at $907.30 and then just below support at $900.00. Today's key near-term Fibonacci support/resistance level: $907.00. Wyckoff's Intra-Day Market Rating: 4.0

CRUDE OIL

Crude oil prices are weaker early today. In June crude, look for buy stops to reside just above resistance at the overnight contract high of $118.33 and then just above resistance at the contract high of $118.98. Look for sell stops just below technical support at $117.00, and then more sell stops just below support at $116.00. Today's key near-term Fibonacci support/resistance level: $116.41. Wyckoff's Intra-Day Market Rating: 6.0

GRAINS

Prices were mixed to lower in overnight trading. Corn and wheat were weaker and soybeans slightly higher. The key "outside markets" are bearishly postured for the grains early today. Gold and crude oil are lower and the U.S. dollar is firmer. Grain traders are still watching weather in the U.S. Corn Belt and Plains states, which is still deemed overall bullish for corn but slightly bearish for soybeans and wheat.

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