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CURRENCIES

The December Dollar closed slightly lower due to light profit taking on Tuesday as it consolidates some of this year's rally. The high-range close sets the stage for a steady to higher opening when Wednesday'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 December extends the rally off May's low, weekly resistance crossing at 87.00 is the next upside target. Closes below the 20-day moving average crossing at 83.94 would confirm that a short-term top has been posted. First resistance is weekly resistance crossing at 84.96. Second resistance is weekly resistance crossing at 87.00. First support is last Tuesday's low crossing at 84.00. Second support is the 20-day moving average crossing at 83.94.

The December Euro closed higher due to short covering on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday'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 December extends this summer's decline, weekly support crossing at 127.56 is the next downside target. Closes above the 20-day moving average crossing at 129.95 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 129.95. Second resistance is the reaction high crossing at 132.29. First support is Monday's low crossing at 128.24. Second support is weekly support crossing at 127.56.

The December British Pound closed higher on Tuesday and above the 20-day moving average. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 1.6336 are needed to confirm that a short-term low has been posted. If December resumes the decline off July's high, the 50% retracement level of the 2013-2014-rally crossing at 1.6007 is the next downside target. First resistance is last Friday's high crossing at 1.6515. Second resistance is the reaction high crossing at 1.6629. First support is September's low crossing at 1.6039. Second support is the 50% retracement level of the 2013-2014-rally crossing at 1.6007.

The December Swiss Franc closed slightly higher on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off July's high, the 87% retracement level of the 2013-2014-rally crossing at 1.0518 is the next downside target. Closes above the 20-day moving average crossing at 1.0763 would confirm that a low has been posted. First resistance is last Tuesday's high crossing at 1.0751. Second resistance is the 20-day moving average crossing at 1.0763. First support is the 75% retracement level of the 2013-2014-rally crossing at 1.0653. Second support is the 87% retracement level of the 2013-2014-rally crossing at 1.0518.

The December Canadian Dollar closed lower on Tuesday and the low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off July's high, the 75% retracement level of the March-July-rally crossing at 89.67 is the next downside target. If December resumes the rally off this month's low, August's high crossing at 92.26. First resistance is last Friday's high crossing at 91.67. Second resistance is August's high crossing at 92.26. First support is this month's low crossing at 89.90. Second support is the 75% retracement level of the March-July-rally crossing at 89.67.

The December Japanese Yen closed lower on Tuesday and the low-range close sets the stage for a steady to lower opening when Wednesday'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 December extends the decline off June's high, weekly support crossing at .9013 is the next downside target. Closes above the 20-day moving average crossing at .9412 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at .9275. Second resistance is the 20-day moving average crossing at .9412. First support is last Friday's low crossing at .9143. Second support is weekly support crossing at .9013.

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