CURRENCIES
The June Euro currency closed up 61 points at 1.2892 yesterday. Prices closed nearer the session high yesterday and saw short covering in a bear market. Bears still have the near-term technical advantage. Euro bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at 1.3100. The next downside price breakout objective for the bears is closing prices below solid chart support at the April low of 1.2751. First resistance for the Euro lies at 1.2945 and then at 1.3000. Next support is seen at yesterday’s low of 1.2822 and then at last week’s low of 1.2798. Wyckoff’s Market Rating: 3.0
The June Japanese yen closed up 86 points at .9778 yesterday. Prices closed nearer the session high yesterday. Bears have the solid overall near-term technical advantage. Bulls’ next upside price breakout objective is closing prices above solid resistance at 1.0000. Bears’ next downside breakout objective is closing prices below solid technical support at .9600. First resistance is seen at last week’s high of .9877 and then at .9900. First support is seen at Friday’s contract low of .9680 and then at .9650. Wyckoff’s Market Rating: 1.0.
The June Swiss franc closed up 70 points at 1.0350 yesterday. Prices closed nearer the session high and saw short covering in a bear market. Prices Friday hit a nine-month low. The bears still have the solid near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid resistance at 1.0600. The next downside price breakout objective for the bears is closing prices below solid technical support at 1.0200. First resistance is seen at yesterday’s high of 1.0368 and then at 1.0400. First support is seen at yesterday’s low of 1.0291 and then at last week’s low of 1.0245. Wyckoff’s Market Rating: 2.0.
The June Australian dollar closed up 83 points at .9799 yesterday. Prices closed near the session high yesterday and saw short covering in a bear market. Prices Friday hit an 11-month low. Prices are still in a steep five-week-old downtrend on the daily bar chart. Bears have the solid near-term technical advantage. Bulls’ next upside price breakout objective is closing prices above solid chart resistance at 1.0000. The next downside breakout objective for the bears is to produce a close below solid technical support at .9600. First resistance is seen at .9850 and then at .9900. Next support is seen at .9750 and then at last week’s low of .9691. Wyckoff’s Market Rating: 2.0
The June Canadian dollar closed up 47 points at .9763 yesterday. Prices closed nearer the session high yesterday and saw short covering. Prices Friday hit a nine-week low. Bears still have the near-term technical advantage. Bulls’ next upside price breakout objective is producing a close above chart resistance at the April high of .9902. The next downside price breakout objective for the bears is closing prices below solid technical support at the March low of .9646. First resistance is seen at yesterday’s high of .9782 and then at .9800. First support is seen at .9750 and then at yesterday’s low of .9706. Wyckoff’s Market Rating: 3.5.
The June British pound closed up 94 points at 1.5261 yesterday. Prices closed nearer the session high and saw short covering. Bears still have the slight near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at 1.5450. Bears’ next downside technical breakout objective is closing prices below solid support at 1.5192. First resistance is seen at 1.5320 and then at last week’s high of 1.5382. First support is seen at last week’s low of 1.5154 and then at 1.5100. Wyckoff’s Market Rating: 4.5.
The June U.S. dollar index closed down .502 at 83.885 yesterday. Prices closed nearer the session low yesterday and saw profit taking. Prices Friday hit a 9.5-month high. The bulls still have the solid near-term technical advantage. Bulls’ next upside price breakout objective is to close prices above solid technical resistance at 85.000. The next downside price breakout objective for the bears is to produce a close below solid technical support at 83.000. Next resistance lies at last week’s high of 84.515 and then at 84.750. First support is seen at yesterday’s low of 83.800 and then at 83.570. Wyckoff’s Market Rating: 7.5.
