CURRENCIES: The December Euro currency closed down 5 points at 1.3781 Wednesday. Prices closed near the session high Wednesday. Bulls have the solid near-term technical advantage. Euro bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at 1.4000. The next downside price breakout objective for the bears is closing prices below solid chart support at the October low of 1.3475. First resistance for the Euro lies at Wednesday’s contract high of 1.3795 and then at 1.3850. Next support is seen at Wednesday’s low of 1.3743 and then at 1.3700. Wyckoff’s Market Rating: 8.0
The December Japanese yen closed up 78 points at 1.0276 Wednesday. Prices closed nearer the session high and hit a two-week high. Bulls have regained the slight near-term technical advantage. Bulls’ next upside price breakout objective is closing prices above solid resistance at the October high of 1.0357. Bears’ next downside breakout objective is closing prices below solid technical support at 1.0037. First resistance is seen at Wednesday’s high of 1.0296 and then at 1.0357. First support is seen at Wednesday’s low of 1.0187 and then at this week’s low of 1.0157. Wyckoff’s Market Rating: 5.5.
The December Swiss franc closed up 32 points at 1.1214 Wednesday. Prices closed nearer the session high and hit another fresh contract high. The bulls have the solid near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid resistance at 1.1300. The next downside price breakout objective for the bears is closing prices below solid technical support at the October low of 1.0900. First resistance is seen at Wednesday’s contract high of 1.1226 and then at 1.1250. First support is seen at Wednesday’s low of 1.1158 and then at 1.1100. Wyckoff’s Market Rating: 8.0.
The December Australian dollar closed down 80 points at .9591 Wednesday. Prices closed nearer the session low Wednesday after hitting a five-month high early on. Prices also scored a big and bearish “outside day” down on the daily bar chart Wednesday. The bulls still have the near-term technical advantage but did fade a bit Wednesday. Prices are still in a seven-week-old uptrend on the daily bar chart. Bulls’ next upside price breakout objective is closing prices above solid chart resistance at .9800. The next downside breakout objective for the bears is to produce a close below solid technical support at .9476. First resistance is seen at .9650 and then at .9700. Next support is seen at Wednesday’s low of .9573 and then at .9500. Wyckoff’s Market Rating: 6.0
The December Canadian dollar closed down 89 points at .9618 Wednesday. Prices closed near the session low as bulls quickly faded. Bulls and bears are now back on a level near-term technical playing field. Bulls’ next upside price breakout objective is producing a close above chart resistance at this week’s high of .9728. The next downside price breakout objective for the bears is closing prices below solid technical support at the October low of .9581. First resistance is seen at .9650 and then at .9675. First support is seen at Wednesday’s low of .9605 and then at .9581. Wyckoff’s Market Rating: 5.0.
The December British pound closed down 70 points at 1.6162 Wednesday. Prices closed near mid-range Wednesday. Bulls have the solid overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the October high of 1.6252. Bears’ next downside technical breakout objective is closing prices below solid support at the October low of 1.5886. First resistance is seen at 1.6252 and then at the contract high of 1.6264. First support is seen at this week’s low of 1.6108 and then at 1.6050. Wyckoff’s Market Rating: 7.5.
The December U.S. dollar index closed up 0.040 at 79.330 Wednesday. Prices closed near mid-range and hit another 10.5-month low Wednesday. The bears have the solid overall near-term technical advantage. The bulls’ next upside price breakout objective is to close prices above solid technical resistance at the October high of 80.865. The next downside price breakout objective for the bears is to produce a close below solid technical support at 79.000. Next resistance lies at Wednesday’s high of 79.440 and then at this week’s high of 79.875. First support is seen at Wednesday’s low of 79.190 and then at 79.000. Wyckoff’s Market Rating: 1.0.
