Trader's Blog

Facebook's Moat Undeniable

6 hours ago

Is There A Housing Bubble 2.0?

1 day ago

World Oil Supply And Price Outlook, November 2020

2 days ago

Bitcoin: My 1 Reason Why

3 days ago

NASDAQ Holds On To Weekly Gain

4 days ago

View more blog entries »

Currencies | Energy | Food | Grains | Indexes | Interest | Livestock | Metals

CURRENCIES:

The December Dollar was lower overnight. The mid-range overnight trade sets the stage for a steady to lower opening when the day 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 December extends the decline off November's high, September's low crossing at $91.75 is the next downside target. Closes above the 50-day moving average crossing at $93.29 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at $93.29. Second resistance is November's high crossing at $94.33. First support is Monday's low crossing at $92.00. Second support is September's low crossing at $91.75.

The December Euro was higher overnight as it extends this month's trading range. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish hinting that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $117.89 would signal that a short-term top has been posted. If December extends the rally off November's low, September's high crossing at $120.38 is the next upside target. First resistance is November's high crossing at $119.30. Second resistance is September's high crossing at $120.38. First support is the reaction low crossing at $117.54. Second support is November's low crossing at $116.13.

The December British Pound was higher overnight. The low-range overnight trade sets the stage for a steady to slightly higher opening when the day session beings trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off September's low, September's high crossing at 1.3488 is the next upside target. Closes below the 20-day moving average crossing at 1.3155 are needed to confirm that a short-term top has been posted. First resistance is Monday's high crossing at 1.3400. Second resistance is September's high crossing at 1.3488. First support is the 20-day moving average crossing at 1.3155. Second support is the 50-day moving average crossing at 1.3023.

The December Swiss Franc was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off November's high, November's low crossing at 1.0874 is the next downside target. If December extends the rally off the November 11th low, November's high crossing at 1.1144 is the next upside target. First resistance is November's high crossing at 1.1144. Second resistance is the September-2018 high crossing at 1.1319. First support is November's low crossing at 1.0874. Second support is the 38% retracement level of the March-August-rally crossing at 1.0789.

The December Canadian Dollar was higher overnight. The mid-range trade sets the stage for a steady to higher opening when the day 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 $75.82 are needed to confirm that a short-term top has been posted. If December resumes the rally off October's low, the October-2018 high crossing at $79.05 is the next upside target. First resistance is November's high crossing at $77.36. Second resistance is the October-2018 high crossing at $79.05. First support is the 50-day moving average crossing at $75.82. Second support is October's low crossing at $74.69.

The December Japanese Yen was steady to higher overnight as it consolidates some of Monday's sharp decline. The mid-range overnight trade sets the stage for a steady to higher opening when the day 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 0.0954 would signal that a short-term top has been posted. If December extends the rally off November's low, November's high crossing at 0.0970 is the next upside target. First resistance is November's high crossing at 0.0970. Second resistance is the 87% retracement level of the February-March rally crossing at 0.0979. First support is the 50-day moving average crossing at 0.0954. Second support is October's low crossing at 0.0943.