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 Under Pressure Again Early Today | Main | Crude Oil Rebounds Overnight »

U.S. Dollar Firmer in Early Dealings

CURRENCIES

The September U.S. dollar index is firmer 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 73.12 and then at last week's high of 73.29. Shorter-term support is seen at the overnight low of 72.89 and then at the June low of 72.60. Today's key near-term Fibonacci support/resistance level: 73.54. Wyckoff's Intra Day Market Rating: 5.0

The September Euro is weaker in early electronic trading. Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.5620 and then just below support at 1.5600. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.5686 and then at 1.5700. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bearish early today. Today's key near-term Fibonacci support/resistance level: 1.5446. Wyckoff's Intra Day Market Rating: 5.0

GOLD

Gold is lower in early dealings today. For August gold, shorter-term technical resistance is seen at $930.00 and then at the overnight high of $935.30. Buy stops likely reside just above those levels. Sell stops likely reside just below support at the overnight low of $919.20 and then at Monday's low of $916.30. Today's key near-term Fibonacci support/resistance level: $912.40. Wyckoff's Intra-Day Market Rating: 4.0

CRUDE OIL

Crude oil prices are lower early today, on more profit-taking pressure from recent gains. In August crude, look for buy stops to reside just above resistance at the overnight high of $142.44 and then just above resistance at Monday's high of $144.53. Look for sell stops just below technical support at the overnight low of $138.68 and then more sell stops just below support at $137.50. Today's key near-term Fibonacci support/resistance level: $138.95. Wyckoff's Intra-Day Market Rating: 4.0

GRAINS

Prices were lower in overnight trading, with corn and soybeans sharply lower. This week is historically one of the more important trading weeks of the year in the grains, and the bears are starting out in firm command. Weather in the U.S. Corn Belt is bearish heading into the key growing period of the summer. "Outside markets" today are also bearish--lower crude oil and a firmer U.S. dollar. Corn and soybeans are still overall bullish, technically, but the bulls are getting spooked this week. Wheat futures have turned technically bearish.

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