The March Euro currency closed up 8 points at 1.3578 yesteray. Prices closed near mid-range and hit another fresh 13-month high yesteray. Prices also closed at a bullish monthly high close. Bulls have the solid overall near-term technical advantage. Prices are in a 2.5-month-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 yesteray’s high of 1.3598 and then at 1.3650. Next support is seen at yesteray’s low of 1.3545 and then at 1.3500. Wyckoff’s Market Rating: 8.5
The March Japanese yen closed down 23 points at 1.0946 yesteray. Prices closed near the session low yesteray, closed at a bearish monthly low close, and hit another contract low. Bears 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 1.1400. Bears’ next downside breakout objective is closing prices below solid technical support at 1.0800. First resistance is seen at this week’s high of 1.1074 and then at 1.1100. First support is seen at yesteray’s contract low of 1.0941 and then at 1.0900. Wyckoff’s Market Rating: 1.0.
The March Swiss franc closed up 16 points at 1.0998 yesteray. Prices closed near mid-range yesteray and hit a fresh five-week high yesteray. Prices also closed at a bullish monthly high close. The Swissy bulls have the near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid resistance at the December high of 1.1026. The next downside price breakout objective for the bears is closing prices below solid technical support at this week’s low of 1.0766. First resistance is seen at 1.1026 and then at 1.1050. First support is seen at yesteray’s low of 1.0969 and then at 1.0900. Wyckoff’s Market Rating: 7.5.
The March Australian dollar closed up 30 points at 1.0405 yesteray. Prices closed nearer the session high and did hit a fresh four-week low early on yesteray. Bulls still 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 yesteray’s high of 1.0417 and then at this week’s high of 1.0434. Next support is seen at yesteray’s low of 1.0346 and then at 1.0300. Wyckoff’s Market Rating: 6.0
The March Canadian dollar closed up 43 points at 1.0015 yesteray. Prices closed nearer the session high again yesteray and saw more short covering and bargain hunting. Bears still have the slight overall near-term technical advantage. 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 this week’s low of .9889. First resistance is seen at yesteray’s high of 1.0032 and then at 1.0050. First support is seen at yesteray’s low of .9955 and then at .9936. Wyckoff’s Market Rating: 4.5.
The March British pound closed up 73 points at 1.5860 yesteray. Prices closed nearer the session high again yesteray on more short covering and bargain hunting. 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 this week’s low of 1.5670. First resistance is seen at yesteray’s high of 1.5872 and then at 1.5900. First support is seen at 1.5800 and then at yesteray’s low of 1.5771. Wyckoff’s Market Rating: 3.5.
The March U.S. dollar index closed down 10 points at 79.22 yesteray. Prices closed nearer the session low and hit another fresh five-week low yesteray. The bears have the solid overall near-term technical advantage and this week have gained more downside momentum. 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 the December low of 79.01. Next resistance lies at yesteray’s high of 79.40 and then at 79.66. First support is seen at yesteray’s low of 79.16 and then at 79.01. Wyckoff’s Market Rating: 1.5.
