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SPY: Is a Correction on the Horizon?
7 days ago
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The December Dollar closed slightly higher on Wednesday as it consolidates some of the decline off this month'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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off the October 27th high, the 62% retracement level of the July-October rally crossing at 102.036 is the next downside target. Closes above the 20-day moving average crossing at 104.307 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 103.425. Second resistance is the 20-day moving average crossing at 104.307. First support is the 62% retracement level of the July-October rally crossing at 102.036. Second support is the 75% retracement level of the July-October rally crossing at 100.962.
The December Euro closed lower on Wednesday as it consolidated some of the rally off October's low. The low-range close sets the stage for a steady to lower opening when Thursday's day session begins trading. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off October's low, the 75% retracement level of the July-October decline crossing at 1.11376 is the next upside target. Closes below the 20-day moving average crossing at 1.08225 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the July-October decline crossing at 1.10215. Second resistance is the 75% retracement level of the July-October decline crossing at 1.11376. First support is the 10-day moving average crossing at 1.09323. Second support is the 20-day moving average crossing at 1.08225.
The December British Pound closed slightly lower on Wednesday as it consolidated some of the rally off October's low. The mid-range close sets the stage for a steady to slightly lower opening when Thursday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible near-term. If December extends the rally off October's low, the 75% retracement level of the July-October decline crossing at 1.2856 is the next upside target. Closes below the 20-day moving average crossing at 1.2419 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the July-October decline crossing at 1.2712. Second resistance is the 75% retracement level of the July-October decline crossing at 1.2856. First support is the 10-day moving average crossing at 1.2548. Second support is the 20-day moving average crossing at 1.2419.
The December Swiss Franc closed higher on Wednesday as it extends the rally off October's low. The high-range close sets the stage for a steady to higher opening when Thursday's day 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 December extends the rally off October's low, the August 30th high crossing at 1.15700 is the next upside target. Closes below the 20-day moving average crossing at 1.12531 would signal that a short-term top has been posted. First resistance is the 62% retracement level of the August-October decline crossing at 1.14927. Second resistance is the 75% retracement level of the August-October decline crossing at 1.16191. First support is the 10-day moving average crossing at 1.13583. Second support is 20-day moving average crossing at 1.12531.
The December Canadian Dollar posted a downside reversal as it closed lower on Wednesday as it consolidates some of the rally off November's low. The low-range close sets the stage for a steady to slightly lower opening when Thursday's day 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 December extends the aforementioned rally, the September 29th high crossing at 74.62 is the next upside target. Closes below the 20-day moving average crossing at 72.93 would signal that a short-term top has been posted. First resistance is today's high crossing at 73.87. Second resistance is the September 29th high crossing at 74.62. First support the 20-day moving average crossing at 72.93. Second support is the November 10th low crossing at 72.21.
The December Japanese Yen closed slightly higher on Wednesday. The mid-range close sets the stage for a steady to slightly higher opening when Thursday's day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off November's low, October's high crossing at 0.068740 is the next upside target. If December renews the decline below the October-2022 low on the weekly continuation chart crossing at 0.066235 is the next downside target. Closes below this support level opens the door into uncharted territory. First resistance is today's high crossing at 0.068385. Second resistance is October's high crossing at 0.068740. First support is November's low crossing at 0.066110. Second support is unknown.