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CURRENCIES

The March Dollar was higher overnight. Stochastics and the RSI have turned neutral to bullish signaling that a double bottom with January's low might have been posted with last Friday's low. Closes below key support marked by January's low crossing at 88.25 would open the door for a possible test of weekly support crossing at 87.45. Closes above the 10-day moving average crossing at 89.51 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 89.51. Second resistance is February's high crossing at 90.46. First support is January's low crossing at 88.25. Second support is weekly support crossing at 87.45.

The March Euro was lower in overnight trading. Stochastics and the RSI are turning neutral to bearish signaling that a double top with January's high might have been posted last Friday. Closes below the 10-day moving average crossing at 123.77 would temper the near-term friendly outlook. Closes above January's high would open the door for a possible test of weekly resistance crossing at 126.74. First resistance is January's high crossing at 125.76. Second resistance is weekly resistance crossing at 126.74. First support is the 10-day moving average crossing at 123.77. Second support is the 50-day moving average crossing at 121.76.

The March British Pound was lower overnight as it consolidates some of last week's rally. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off February's low, February's high crossing at 1.4302 is the next upside target. Closes below the 10-day moving average crossing at 1.3960 would temper the friendly outlook. First resistance is February's high crossing at 1.4302. Second resistance is January's high crossing at 1.4370. First support is February's low crossing at 1.3780. Second support is the 50-day moving average crossing at 1.3763.

The March Swiss Franc were lower overnight as it consolidates some of the rally off December's low. Stochastics and the RSI are diverging 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 1.0721 are needed to confirm that a short-term top has been posted. If March extends the rally off December's low, the 38% retracement level of the 2015-2016-decline crossing at 1.0994 is the next upside target. First resistance is last Friday's high crossing at 1.0908. Second resistance is the 38% retracement level of the 2015-2016-decline crossing at 1.0994. First support is the 20-day moving average crossing at 1.0721. Second support is February's low crossing at 1.0589.

The March Canadian Dollar was lower overnight. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March resumes the decline off January's high, the 75% retracement level of the December-January-rally crossing at 78.56 is the next downside target. Closes above the 20-day moving average crossing at 80.30 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 80.30. Second resistance is January's high crossing at 81.68. First support is the 75% retracement level of the December-January-rally crossing at 78.56. Second support is the 87% retracement level of the December-January-rally crossing at 78.06.

The March Japanese Yen was lower due to profit taking overnight as it consolidates some of this year's rally. 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 0.9228 are needed to confirm that a short-term top has been posted. If March extends the rally off January's low, the 62% retracement level of the 2016 decline crossing at 0.9680 is the next upside target. First resistance is the 50% retracement level of the 2016 decline crossing at 0.9491. Second resistance is the 62% retracement level of the 2016 decline crossing at 0.9680. First support is the 10-day moving average crossing at 0.9283. Second support is the 20-day moving average crossing at 0.9228.

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