The March Euro currency closed down 148 points at 1.3517 yesterday. Prices closed nearer the session low yesterday on heavy profit taking. Prices Friday hit a 14-month high. No chart damage occurred yesterday. Bulls still have the solid overall near-term technical advantage. Prices are in an 11-week-old uptrend on the daily bar chart. Euro bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at 1.3750. The next downside price breakout objective for the bears is closing prices below solid chart support at 1.3400. First resistance for the Euro lies at 1.3600 and then at yesterday’s high of 1.3658. Next support is seen at 1.3500 and then at 1.3450.
Wyckoff’s Market Rating: 7.5
The March Japanese yen closed up 53 points at 1.0838 yesterday. Prices closed near the session high yesterday on short covering after hitting another contract low early on. Bears still have the solid overall near-term technical advantage. Prices are in a steep four-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 1.1300. Bears’ next downside breakout objective is closing prices below solid technical support at 1.0500. First resistance is seen at 1.0918 and then at 1.1000. First support is seen at yesterday’s contract low of 1.0734 and then at 1.0700. Wyckoff’s Market Rating: 1.0.
The March Swiss franc closed down 10 points at 1.1013 yesterday. Prices closed nearer the session high yesterday. Prices Friday hit a nine-month high. The Swissy bulls still have the solid near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid resistance at 1.1200. The next downside price
breakout objective for the bears is closing prices below solid technical support at 1.0800. First resistance is seen at yesterday’s high of 1.1027 and then at last week’s high of 1.1090. First support is seen at yesterday’s low of 1.0973 and then at 1.0900. Wyckoff’s Market Rating: 8.0.
The March Australian dollar closed up 20 points at 1.0397 yesterday. Prices closed near mid-range yesterday. Bulls have the overall near-term technical advantage. Bulls’ next upside price breakout objective is closing prices above solid chart resistance at the January high of 1.0547. The next downside breakout objective for the bears is to produce a close below solid technical support at the December low of 1.0281. First resistance is seen at yesterday’s high of 1.0410 and then at last week’s high of 1.0434. Next support is seen at yesterday’s low of 1.0377 and then at last week’s low of 1.0327. Wyckoff’s Market Rating: 6.0
The March Canadian dollar closed down 14 points at 1.0006 yesterday. Prices closed nearer the session low yesterday. Bulls and bears are back on a level near-term technical playing field. Bulls’ next upside price breakout objective is producing a close above chart resistance at 1.0100. The next downside price breakout objective for the bears is closing prices below solid technical support at the January low of .9889. First resistance is seen at yesterday’s high of 1.0042 and then at 1.0085. First support is seen at yesterday’s low of .9998 and then at .9950. Wyckoff’s Market Rating: 5.0.
The March British pound closed up 43 points at 1.5756 yesterday. Prices closed nearer the session high yesterday on short covering. Trading has turned very choppy. Bears still have the overall near-term technical advantage. Prices are in a four-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 1.6000. Bears’ next downside technical breakout objective is closing prices below solid support at the January low of 1.5670. First resistance is seen at 1.5800 and then at last week’s high of 1.5874. First support is seen at 1.5700 and then at 1.5670. Wyckoff’s Market Rating: 3.0.
The March U.S. dollar index closed up 45 points at 79.58 yesterday. Prices closed nearer the session high yesterday and saw heavy short covering. Prices Friday hit a contract low. The bears still have the solid overall near-term technical advantage. Bulls’ next upside price breakout objective is to close prices above solid technical resistance at 80.27. The next downside price breakout objective for the bears is to produce a close below solid technical support at 78.50. Next resistance lies at yesterday’s high of 79.64 and then at 80.00. First support is seen at yesterday’s low of 79.17 and then at 79.01. Wyckoff’s Market Rating: 2.0.
