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.



« Crude Oil Pushes Above $125.00 Overnight | Main | Crude Oil Weaker, U.S. Dollar Firmer Early »

U.S. Dollar Resumes Weaker Ways

CURRENCIES

The June U.S. dollar index is lower in early trading today. Slow stochastics for the dollar index are bullish early today. The dollar index finds shorter-term technical resistance at the overnight high of 73.63 and then at this week's high of 74.06. Shorter-term support is seen at the overnight low of 73.20 and then at 73.00. Today's key near-term Fibonacci support/resistance level: 73.53. Wyckoff's Intra Day Market Rating: 4.0

The June Euro is higher in early electronic trading. Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.5367 and then just below support at 1.5300. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.5463 and then at 1.5500. 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: 1.5375. Wyckoff's Intra Day Market Rating: 5.5

GOLD

Gold is firmer in early dealings today. For June gold, shorter-term technical resistance is seen at the overnight high of $890.80 and then at $895.00. Buy stops likely reside just above those levels. Sell stops likely reside just below support at the overnight low of $881.10 and then at $875.00. Today's key near-term Fibonacci support/resistance level: $901.30. Wyckoff's Intra-Day Market Rating: 6.0

CRUDE OIL

Crude oil prices are solidly higher early today. June crude oil hit a record high of $125.98 overnight. Look for buy stops to reside just above resistance at the contract high of $125.98 and then just above resistance at $127.00. Look for sell stops just below technical support at $124.00, and then more sell stops just below support at $123.00. Today's key near-term Fibonacci support/resistance level: $123.43. Wyckoff's Intra-Day Market Rating: 8.0

GRAINS

Prices were solidly higher in overnight trading, amid bullish "outside markets" and anticipation of overall bullish data in this morning's USDA monthly supply and demand report. Grain traders are still watching weather in the U.S. Corn Belt, which is still bullish for corn.

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