CURRENCIES: The June Euro currency closed down 66 points at 1.2926 yesterday. Prices closed nearer the session low and hit a fresh 3.5-month low yesterday. The Euro bears have the overall near-term technical advantage. A six-week-old downtrend is in place on the daily bar chart. Euro bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at last week’s high of 1.3143. The next downside price breakout objective for the bears is closing prices below solid chart support at 1.2800. First resistance for the Euro lies at 1.3000 and then at this week’s high of 1.3083. Next support is seen at yesterday’s low of 1.2931 and then at 1.2900. Wyckoff’s Market Rating: 3.5
The June Japanese yen closed down 14 points at 1.0418 yesterday. Prices closed nearer the session low yesterday. Prices are hovering near the contract low scored Tuesday. Bears have the solid overall near-term technical advantage. Bulls’ next upside price breakout objective is closing prices above solid resistance at 1.0700. Bears’ next downside breakout objective is closing prices below solid technical support at 1.0250. First resistance is seen at yesterday’s high of 1.0484 and then at 1.0549. First support is seen at the contract low of 1.0345 and then at 1.0300. Wyckoff’s Market Rating: 1.0.
The June Swiss franc closed down 57 points at 1.0511 yesterday. Prices closed nearer the session low yesterday and closed at a fresh 6.5-month low close. Prices also scored a bearish “outside day” down on the daily bar chart. Prices are in a steep six-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 1.0657. The next downside price breakout objective for the bears is closing prices below solid technical support at 1.0400. First resistance is seen at 1.0550 and then at yesterday’s high of 1.0615. First support is seen at last week’s low of 1.0479 and then at 1.0450. Wyckoff’s Market Rating: 3.0.
The June Australian dollar closed down 8 points at 1.0235 yesterday. Prices closed near mid-range yesterday. Bulls and bears are on a level near-term technical playing field. Bulls’ next upside price breakout objective is closing prices above solid chart resistance at 1.0300. The next downside breakout objective for the bears is to produce a close below solid technical support at this week’s low of 1.0128. First resistance is seen at this week’s high of 1.0260 and then at 1.0275. Next support is seen at 1.0191 and then at 1.0150. Wyckoff’s Market Rating: 5.0
The June Canadian dollar closed down 9 points at .9714 yesterday. Prices closed near mid-range yesterday. Prices are still in a two-month-old downtrend on the daily bar chart. Bears have the near-term technical advantage. However, a bullish “rounding-bottom” reversal pattern may be forming on the daily bar chart. Bulls’ next upside price breakout objective is producing a close above chart resistance at .9760. The next downside price breakout objective for the bears is closing prices below solid technical support at .9600. First resistance is seen at yesterday’s high of .9739 and then at last week’s high of .9750. First support is seen at yesterday’s low of .9691 and then at .9675. Wyckoff’s Market Rating: 2.0.
The June British pound closed up 14 points at 1.4915 yesterday. Prices closed near mid-range yesterday on tepid short covering in a bear market. Prices Tuesday hit a contract low. Bears still have the solid overall near-term technical advantage. Prices are in a steep nine-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 1.5200. Bears’ next downside technical breakout objective is closing prices below solid support at 1.4750. First resistance is seen at yesterday’s high of 1.4973 and then at 1.5000. First support is seen at yesterday’s low of 1.4884 and then at the contract low of 1.4823. Wyckoff’s Market Rating: 1.0.
The June U.S. dollar index closed up .310 at 83.160 yesterday. Prices closed nearer the session high and hit a fresh 7.5-month high yesterday. Prices also scored a bullish “outside day” up on the daily bar chart yesterday. The bulls have the solid near-term technical advantage. Prices are in a six-week-old uptrend on the daily bar chart. Bulls’ next upside price breakout objective is to close prices above solid technical resistance at 84.000. The next downside price breakout objective for the bears is to produce a close below solid technical support at the March low of 82.070. Next resistance lies at yesterday’s high of 83.335 and then at 83.500. First support is seen at 83.000 and then at yesterday’s low of 82.600. Wyckoff’s Market Rating: 7.0.
