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CURRENCIES

The March Dollar closed slightly lower on Wednesday. The U.S. dollar turned lower against both the yen and the euro after the Federal Reserve said there was considerable uncertainty surrounding fiscal policy. Investors have been looking to rally the dollar. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last Wednesday's high crossing at 101.75 are needed to confirm that a short-term low has been posted. Closes below the 20-day moving average crossing at 100.51 would confirm that a short-term top has been posted. First resistance is last Wednesday's high crossing at 101.75. Second resistance is January's crossing at 103.82. First support is February's low crossing at 99.19. Second support is the 50% retracement level of the August-January-rally crossing at 98.90.

The March Euro closed higher due to short covering on Wednesday but not before posting a new low for the month. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the aforementioned decline, the reaction low crossing at 104.81 is the next downside target. Closes above the 20-day moving average crossing at 106.89 would confirm that a short-term low has been posted. First resistance is the 38% retracement level of the August-January-decline crossing at 107.85. Second resistance is the 50% retracement level of the August-January-decline crossing at 109.14. First support is the reaction low crossing at 104.81. Second support is January's low crossing at 103.73.

The March British Pound closed slightly lower on Wednesday as it extends the trading range of the past four-weeks. The mid-range close sets the stage for a steady opening when 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 reaction low crossing at 1.2353 are needed to confirm that a short-term top has been posted. If March renews the rally off January's low, December's high crossing at 1.2804 is the next upside target. First resistance is February's high crossing at 1.2715. Second resistance is December's high crossing at 1.2804. First support is the reaction low crossing at 1.2353. Second support is January's low crossing at 1.2001.

The March Swiss Franc closed lower on Wednesday as it extended the decline off February's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are diverging but have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends February's decline, the reaction low crossing at 0.9789 is the next downside target. Closes above last Thursday's high crossing at 1.0046 are needed to confirm that a low has been posted. First resistance is January's high crossing at 1.0163. Second resistance is the 62% retracement level of the November-January-decline crossing at 1.0215. First support is today's low crossing at 0.9870. Second support is the reaction low crossing at 0.9789.

The March Canadian Dollar closed lower on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. The mid-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Closes below the 50-day moving average crossing at 75.71 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If March renews the rally off December's low, the 75% retracement level of the August-January-decline crossing at 77.21 is the next upside target. First resistance is the 75% retracement level of the August-January-decline crossing at 77.21. Second resistance is the 87% retracement level of the August-January-decline crossing at 77.78. First support is the 50-day moving average crossing at 75.71. Second support is the reaction low crossing at 74.73.

The March Japanese Yen closed higher 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off January's low, the 38% retracement of the August-January-decline crossing at 0.9099 is the next upside target. Closes below the 50-day moving average crossing at 0.8724 would open the door for a larger-degree decline near-term. First resistance is February's high crossing at 0.8971. Second resistance is the 38% retracement of the August-January-decline crossing at 0.9099. First support is the 50-day moving average crossing at 0.8724. Second support is the reaction low crossing at 0.8678.

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