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CURRENCIES

The March Dollar closed higher due to short covering on Thursday as it consolidates some of Tuesday's decline but remains below the 50-day moving average crossing at 101.43. The low-range close sets the stage for a steady to lower opening when Friday'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 the decline off January's high, December's low crossing at 99.25 is the next downside target. Closes above the 20-day moving average crossing at 102.09 would confirm that a short-term low has been posted. First resistance is weekly resistance crossing at 103.67. Second resistance is weekly resistance crossing at 107.38. First support is Tuesday's low crossing at 100.27. Second support is December's low crossing at 99.25.

The March Euro closed slightly lower on Thursday as it consolidates some of the rally off January's low but remains above the 50-day moving average crossing at 106.60. The high-range close sets the stage for a steady to higher opening when Friday'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 aforementioned rally, the 38% retracement level of the August-January-decline crossing at 107.85 is the next upside target. Closes below last Wednesday's low crossing at 104.80 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the August-January-decline crossing at 107.85. Second resistance is December's high crossing at 109.23. First support is January's low crossing at 103.73. Second support is weekly support crossing at 102.59.

The March British Pound closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 50-day moving average crossing at 1.2447 are needed to confirm that a low has been posted. Closes below Tuesday's low crossing at 1.2001 would open the door into uncharted territory. First resistance is the 50-day moving average crossing at 1.2447. Second resistance is December's high crossing at 1.2804. First support is October's low crossing at 1.2119. Second support is Tuesday's low crossing at 1.2001.

The March Swiss Franc closed lower on Thursday as it consolidates some of this month's rally. The mid-range close sets the stage for a steady to higher opening when Friday'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 this month's rally, the 50% retracement level of the November-January-decline crossing at 1.0119 is the next upside target. Closes below last Wednesday's low crossing at 0.9789 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the November-January-decline crossing at 1.0023. Second resistance is the 50% retracement level of the November-January-decline crossing at 1.0119. First support is last Wednesday's low crossing at 0.9789. Second support is January's low crossing at 0.9713.

The March Canadian Dollar closed lower on Thursday as it extends Wednesday's decline. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Closes below the 50-day moving average crossing at 74.96 are needed to confirm that a short-term top has been posted. If March renews the rally off December's low, October's high crossing at 77.00 is the next upside target. First resistance is Tuesday's high crossing at 76.85. Second resistance is October's high crossing at 77.00. First support is the 50-day moving average crossing at 74.96. Second support is December's low crossing at 73.60.

The March Japanese Yen closed lower on Thursday as it consolidates some of this month's rally. The mid-range close sets the stage for a steady to lower opening when the Friday'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 0.8632 would temper the near-term friendly outlook. Multiple closes above the 50-day moving average crossing at 0.8839 would open the door for additional gains during the last half of January. First resistance is Tuesday's high crossing at 0.8895. Second resistance is the reaction high crossing at 0.9027. First support is the 20-day moving average crossing at 0.8632. Second support is January's low crossing at 0.8454.

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