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CURRENCIES

The June Dollar closed higher on Wednesday. The mid-range close sets the stage for a steady to higher 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 June extends this month's decline, the 62% retracement level of the 2016-2017-rally crossing at 97.41 is the next downside target. Closes above the 50-day moving average crossing at 100.62 would confirm that a short-term low has been posted. First resistance is April's high crossing at 101.26. Second resistance is March's high crossing at 102.19. First support is March's low crossing at 98.67. Second support the 62% retracement level of the 2016-2017-rally crossing at 97.41.

The June Euro closed lower on Wednesday as it consolidates some of this week's rally. 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 bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April's low, the 50% retracement level of the May-January-decline crossing at 110.90 is the next upside target. Closes below Monday's gap crossing at 107.67 would confirm that a short-term top has been posted. First resistance is today's high crossing at 109.78. Second resistance is the 50% retracement level of the May-January-decline crossing at 110.91. First support is Monday's gap crossing at 107.67. Second support is April's low crossing at 106.05.

The June British Pound closed slightly higher on Wednesday as it extends the trading range of the past five-days. The mid-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 June extends the rally off March's low, the 25% retracement level of the 2014-2017-decline crossing at 1.3260 is the next upside target. Closes below the 50-day moving average crossing at 1.2488 would confirm that a short-term top has been posted. First resistance is last Tuesday's high crossing at 1.2929. Second resistance is the 25% retracement level of the 2014-2017-decline crossing at 1.3260. First support is the reaction low crossing at 1.2388. Second support is March's low crossing at 1.2138.

The June Swiss Franc closed slightly lower on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April's low, March's high crossing at 1.0242 is the next upside target. Closes below the 20-day moving average crossing at 1.0026 would confirm that a short-term top has been posted. First resistance is March's high crossing at 1.0242. Second resistance is November's high crossing at 1.0448. First support is April's low crossing at 0.9945. Second support is March's low crossing at 0.9892.

The June Canadian Dollar closed lower on Wednesday as it extends this week's decline. 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 June extends this week's decline, the 62% retracement level of the 2016-rally crossing at 73.19 is the next downside target. Closes above the 50-day moving average crossing at 75.10 are needed to confirm that a low has been posted. First resistance is April's high crossing at 75.68. Second resistance is the reaction high crossing at 76.72. First support is Tuesday's low crossing at 73.44. Second support is the 62% retracement level of the 2016-rally crossing at 73.19.

The June Japanese Yen closed lower on Wednesday. The high-range close sets the stage for a steady to higher opening when the Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 0.8967 would open the door for additional weakness near-term. Closes above the 10-day moving average crossing at 0.9151 would confirm that a short-term low has been posted. First resistance is April's high crossing at 0.9271. Second resistance is the 50% retracement of the August-January-decline crossing at 0.9323. First support is the 50-day moving average crossing at 0.8967. Second support is the reaction low crossing at 0.8938.

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