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CURRENCIES

The March Dollar closed higher on Wednesday posting a new contract high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, weekly resistance crossing at 96.16 is the next upside target. Closes below the 20-day moving average crossing at 94.69 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at 96.07. Second resistance is weekly resistance crossing at 96.16. First support is the 20-day moving average crossing at 94.69. Second support is the reaction low crossing at 93.38.

The March Euro closed lower on Wednesday and below January's low crossing at 111.02 thereby renewing the decline off the May 2014 high. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this winter's decline, monthly support crossing at 107.59 is the next downside target. Closes above the 20-day moving average crossing at 113.22 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 113.22. Second resistance is the reaction high crossing at 115.39. First support is today's low crossing at 110.63. Second support is weekly support crossing at 107.59.

The March British Pound closed lower on Wednesday and below the 20-day moving average crossing at 1.5357 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends today's decline, February's low crossing at 1.4983 is the next downside target. If March renews the rally off January's low, the 38% retracement level of the June-January-decline crossing at 1.5775 is the next upside target. First resistance is last Thursday's high crossing at 1.5552. Second resistance is the 38% retracement level of the June-January-decline crossing at 1.5775. First support is today's low crossing at 1.5250. Second support is February's low crossing at 1.4983.

The March Swiss Franc closed lower on Wednesday as it extends its decline off January's high. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off January's high, the 87% retracement level of January's rally crossing at 1.0097 is the next downside target. Closes above the 20-day moving average crossing at 1.0637 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 1.0497. Second resistance is the 20-day moving average crossing at 1.0637. First support is today's low crossing at 1.0324. Second support is the 87% retracement level of January's rally crossing at 1.0097.

The March Canadian Dollar closed higher on Wednesday while extending February's trading range. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off January's low, the 25% retracement level of the 2013-2015-decline crossing at 82.65 is the next upside target. If March resumes this winter's decline, monthly support crossing at 76.53 is the next downside target. First resistance is the reaction high crossing at 80.87. Second resistance is the 25% retracement level of the 2013-2015-decline crossing at 82.65. First support is January's low crossing at 78.08. Second support is monthly support crossing at 76.53.

The March Japanese Yen closed slightly lower on Wednesday as it extends a three-month old trading range. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower pirces are possible near-term. If March extends the decline off January's high, the reaction low crossing at .8282 is the next downside target. Closes above the 20-day moving average crossing at .8401 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at .8401. Second resistance is December's high crossing at .8663. First support is the reaction low crossing at .8282. Second support is December's low crossing at .8219.

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