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Market Commentary

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CURRENCIES

The June Dollar closed lower on Thursday. 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 turning neutral to bearish signaling that sideways to higher prices are possible near-term. If June renews this month's decline, weekly support crossing at 78.91 is the next downside target. Closes above the 20-day moving average crossing at 80.04 are needed to confirm that a double bottom with March's low has been posted. First resistance is the 20-day moving average crossing at 80.04. Second resistance is April's high crossing at 80.77. First support is April's low crossing at 79.38. Second support is weekly support crossing at 78.91.

The June Euro closed slightly higher on Thursday as it extends the trading range of the past seven days. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews the rally off April's low, March's high crossing at 139.66 is the next upside target. Multiple closes below the 20-day moving average crossing at 137.94 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 139.03. Second resistance is March's high crossing at 139.66. First support is the 20-day moving average crossing at 137.94. Second support is April's low crossing at 136.69.

The June 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 diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, weekly resistance crossing at 1.7043 is the next upside target. Multiple closes below the 20-day moving average crossing at 1.6706 would confirm that a short-term top has been posted. First resistance is last Thursday's high crossing at 1.6834. Second resistance is weekly resistance crossing at 1.7043. First support is the 20-day moving average crossing at 1.6706. Second support is the reaction low crossing at 1.6640.

The June Swiss Franc 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews the rally off April's low, March's high crossing at .11503 is the next upside target. If June extends the decline off April's high, April's low crossing at 1.1175 is the next downside target. First resistance is April's high crossing at .11443. Second resistance is March's high crossing at .11503. First support is Tuesday's low crossing at .11289. Second support is the 62% retracement level of the January-March-rally crossing at .11160.

The June Canadian Dollar closed slightly higher on Thursday but remains below the 20-day moving average crossing at 90.80. The mid-range close sets the stage for a steady 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. Closes above the 10-day moving average crossing at 90.82 would confirm that a short-term low has been posted. If June renews the rally off March's low, the 38% retracement level of the 2013-2014-decline crossing at 92.96 is the next upside target. First resistance is the reaction high crossing at 91.95. Second resistance is the 38% retracement level of the 2013-2014-decline crossing at 92.96. First support is Tuesday's low crossing at 90.43. Second support is April's low crossing at 88.45.

The June Japanese Yen closed slightly higher on Thursday while extending the rally of the past three months. Today's mid-range close sets the stage for a steady opening when Friday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June renews this month's rally, February's high crossing at .9930 is the next upside target. If June renews the decline off April's high, April's low crossing at .9598 is the next downside target. First resistance is March's high crossing at .9886. Second resistance is February's high crossing at .9930. First support is Tuesday's low crossing at .9737. Second support is April's low crossing at .9598.

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