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CURRENCIES

The March Dollar closed higher due to short covering on Friday as it rebounds off the 62% retracement level of the August-December-rally crossing at 96.01. The high-range close sets the stage for a steady to higher opening when Monday'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 week's decline, the 75% retracement level of the October-December-rally crossing at 95.01 is the next downside target. Closes above the 20-day moving average crossing at 98.74 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 98.74. Second resistance is the reaction high crossing at 99.95. First support is the 62% retracement level of the October-December-rally crossing at 96.01. Second support is the 75% retracement level of the October-December-rally crossing at 95.01.

The March Euro closed lower on Friday as it consolidates some of this weeks rally. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. If March extends this week's rally, the 62% of the August-December-decline crossing at 112.89 is the next upside target. Closes below the 20-day moving average crossing at 109.33 would confirm that a short-term top has been posted. First resistance is today's high crossing at 112.70. Second resistance is the 62% of the August-December-decline crossing at 112.89. First support is the 20-day moving average crossing at 109.33. Second support is the reaction low crossing at 107.89.

The March British Pound closed lower on Friday. The mid-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1.4373 would confirm that a short-term top has been posted. If March extends this week's rally, the 38% retracement level of the August-January-decline crossing at 1.4731 is the next upside target. First resistance is the 38% retracement level of the August-January-decline crossing at 1.4731. Second resistance is the 50% retracement level of the August-January-decline crossing at 1.4933. First support is the 20-day moving average crossing at 1.4373. Second support is January's low crossing at 1.4079.

The March Swiss Franc closed higher on Friday as it extends the rally off last Friday's low. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, December's high crossing at 1.0263 is the next upside target. Closes below the 10-day moving average crossing at 0.9904 would confirm that a short-term top has been posted. First resistance is January's high crossing at 1.0149. Second resistance is December's high crossing at 1.0263. First support is last Friday's low crossing at 0.9766. Second support is November's low crossing at 0.9686.

The March Canadian Dollar closed lower on Friday as it consolidates some of the rally off January's low. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 70.63 are needed to confirm that a short-term top has been posted. If March extends the rally off January's low, the 62% retracement level of the October-January-decline crossing at 74.12 is the next upside target. First resistance is Thursday's high crossing at 73.31. Second resistance is the 62% retracement level of the October-January-decline crossing at 74.12. First support is the 20-day moving average crossing at 70.63. Second support is the reaction low crossing at 69.81.

The March Japanese Yen closed lower due to profit taking on Thursday. The mid-range close sets the stage for a steady opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, January's high crossing at .8631 is the next upside target. Closes below the 10-day moving average crossing at 0.8427 would confirm that a short-term top has been posted. First resistance is today's high crossing at .8608. Second resistance is January's high crossing at .8631. First support is the 10-day moving average crossing at 0.8427. Second support is last Friday's low crossing at .8209.

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