The September U.S. dollar index is slightly higher in early morning electronic dealings. Dollar index bulls are losing some near-term technical momentum. Slow stochastics are
bearish today. The dollar index finds shorter-term technical resistance at this week’s high of 86.51, and then at last week’s high of 86.68. Shorter-term support is seen at this week’s low of 85.90. The September Euro today finds sell stop orders are likely located just below shorter-term technical support at this week’s low of 1.2575 and then heavy sell stops just below support at this month’s low of 1.2550. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2621 and then at 1.2655. Buy stops likely reside just above those shorter-term resistance levels. Slow stochastics for the Euro are turning bullish.
The metals are trading firmer in early morning dealings. In August gold, prices would have to push and close back above solid resistance at $600.00 to give the bulls fresh upside technical momentum. Key shorter-term technical support for August gold today is Wednesday’s low of $579.10. Sell stops
likely reside just below that level, and then just below support at $575.00. Buy stops likely reside just above resistance at Wednesday’s high of $589.40 and then just above shorter-term resistance at $595.00.
Prices are trading slightly higher in early electronic dealings. In August crude, look for buy stops to reside just above resistance at Wednesday’s high of $72.77 and then at just above resistance at $73.00. Look for sell stops just below shorter-term support at $72.00, and then just below support at Wednesday’s low of $71.60. I look for more trading within the recent well-defined range–bound by
key near-term support at last week’s low of $68.65 in August crude and solid resistance at $73.00. But a drop below the aforementioned trading range–including multiple closes below it–would then likely mean a trading range in crude oil prices between $65.00 and $70.00.
Prices were mostly higher in overnight electronic trading. While non-threatening near-term weather in the Corn Belt at present is bearish and has limited buying interest, there is now general agreement among weather forecasting models that a hotter and drier weather pattern in the western Corn Belt will start the key growing month of July. Traders will be watching to see what weekly USDA export sales data shows today, but the weather forecasts will be the trump card. Trading will be more subdued ahead of Friday’s all-important USDA updated acreage reports. Look for a very active trading day on Friday.