The March Euro currency closed down 102 points at 1.3185 yesterday. Prices closed nearer the session low yesterday and hit a fresh six-week low. The bulls have faded badly this week. The Euro bears now have the slight overall near-term technical advantage. A three-week-old downtrend is now in place on the daily bar chart. Euro bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at this week’s high of 1.3437. The next downside price breakout objective for the bears is closing prices below solid chart support at 1.3000. First resistance for the Euro lies at 1.3250 and then at yesterday’s high of 1.3292. Next support is seen at yesterday’s low of 1.3163 and then at 1.3100. Wyckoff’s Market Rating: 4.5
The March Japanese yen closed up 73 points at 1.0730 yesterday. Prices closed near mid-range yesterday. Short covering in a bear market was featured. Bears still have the solid overall near-term technical advantage. Prices are in a five-month-old downtrend on the daily bar chart. There are still no early clues of a market bottom being close at hand. Bulls’ next upside price breakout objective is closing prices above solid resistance at 1.1000. Bears’ next downside breakout objective is closing prices below solid technical support at 1.0500. First resistance is seen at last week’s high of 1.0846 and then at 1.0900. First support is seen at yesterday’s low of 1.0782 and then at the contract low of 1.0588. Wyckoff’s Market Rating: 1.5.
The March Swiss franc closed down 41 points at 1.0736 yesterday. Prices closed nearer the session low yesterday and hit a fresh five-week low. Prices are in a three-week-old downtrend on the daily bar chart. The Swissy bears have the near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid resistance at 1.0925. The next downside price breakout objective for the bears is closing prices below solid technical support at the January low of 1.0657. First resistance is seen at yesterday’s high of 1.0790 and then at 1.0850. First support is seen at yesterday’s low of 1.0716 and then at 1.0700. Wyckoff’s Market Rating: 4.0.
The March Australian dollar closed up 6 points at 1.0231 yesterday. Prices closed nearer the session high yesterday. Bulls and bears are on a level near-term technical playing field as the bulls have faded recently. Bulls’ next upside pricebreakout objective is closing prices above solid chart resistance at the February high of 1.0435. The next downside breakout objective for the bears is to produce a close below solid technical support at last week’s low of 1.0200. First resistance is seen at 1.0300 and then at last week’s high of 1.0353. Next support is seen at 1.0200 and then at 1.0175. Wyckoff’s Market Rating: 5.0
The March Canadian dollar closed down 5 points at .9810 yesterday. Prices closed near mid-range yesterday and hit another fresh 6.5-month low. Prices are in a steep six-week-old downtrend on the daily bar chart. Bears have the near-term technical advantage. Bulls’ next upside price breakout objective is producing a close above chart resistance at 1.0000. The next downside price breakout objective for the bears is closing prices below solid technical support at .9750. First resistance is seen at yesterday’s high of .9835 and then at .9885. First support is seen at yesterday’s low of .9791 and then at .9750. Wyckoff’s Market Rating: 3.5.
The March British pound closed up 4 points at 1.5246 yesterday. Prices closed nearer the session high yesterday and did hit a fresh contract low early on. Bears still have the solid overall near-term technical advantage. Prices are in a steep seven-week-old downtrend on the daily bar chart. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at this week’s high of 1.5506. Bears’ next downside technical breakout objective is closing prices below solid support at 1.5000. First resistance is seen at 1.5300 and then at 1.5350. First support is seen at yesterday’s contract low of 1.5124 and then at 1.5100. Wyckoff’s Market Rating: 1.0.
The March U.S. dollar index closed up 34 points at 81.49 yesterday. Prices closed nearer the session high again yesterday and hit another fresh three-month high. The bulls have gained solid upside near-term technical momentum recently and now have the near-term technical advantage. Bulls’ next upside price breakout objective is to close prices above solid technical resistance at the November high of 81.70. The next downside price breakout objective for the bears is to produce a close below solid technical support at 80.00. Next resistance lies at yesterday’s high of 81.62 and then at 81.70. First support is seen at yesterday’s low of 81.12 and then at 80.99. Wyckoff’s Market Rating: 5.5.
