The March Euro currency closed up 24 points at 1.3390 yesterday. Prices closed near mid-range yesterday in quieter trading. The bulls have faded a bit recently but still have the overall near-term technical advantage. Prices are still in a three-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 the February high of 1.3715. The next downside price breakout objective for the bears is closing prices below solid chart support at 1.3250. First resistance for the Euro lies at yesterday’s high of 1.3431 and then at 1.3500. Next support is seen at last week’s low of 1.3356 and then at 1.3321. Wyckoff’s Market Rating: 7.0
The March Japanese yen closed down 73 points at 1.0704 yesterday. Prices closed near the session low yesterday. Prices are hovering near the contract low. Bears still have the solid overall near-term technical advantage. Prices are in a steep 4.5-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 1.1100. Bears’ next downside breakout objective is closing prices below solid technical support at 1.0500. First resistance is seen at yesterday’s high of 1.0819 and then at last week’s high of 1.0866. First support is seen at the contract low of 1.0633 and then at 1.0600. Wyckoff’s Market Rating: 1.0.
The March Swiss franc closed down 21 points at 1.0866 yesterday. Prices closed nearer the session low yesterday on mild profit taking. The Swissy bulls still have the near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid resistance at the February high of 1.1090. The next downside price breakout objective for the bears is closing prices below solid technical support at 1.0750. First resistance is seen at 1.0929 and then at 1.0950. First support is seen at last week’s low of 1.0872 and then at 1.0850. Wyckoff’s Market Rating: 7.0.
The March Australian dollar closed down 29 points at 1.0257 yesterday. Prices closed nearer the session low yesterday. Prices are hovering near a 2.5-month low. Bulls have faded but still have the slight overall near-term technical advantage. However, they need to show fresh power soon to keep it. Bulls’ next upside price breakout objective is closing prices above solid chart resistance at last week’s high of 1.0435. The next downside breakout objective for the bears is to produce a close below solid technical support at 1.0100. First resistance is seen at yesterday’s high of 1.0297 and then at 1.0369. Next support is seen at last week’s low of 1.0227 and then at 1.0200. Wyckoff’s Market Rating: 5.5
The March Canadian dollar closed down 22 points at .9942 yesterday. Prices closed near mid-range yesterday after hitting a fresh two-week high early on. Bulls and bears are on a level near-term technical playing field. Bulls’ next upside price breakout objective is producing a close above chart resistance at last week’s high of 1.0059. 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 .9965 and then at 1.0000. First support is seen at yesterday’s low of .9999 and then at .9889. Wyckoff’s Market Rating: 5.0.
The March British pound closed down 135 points at 1.5659 yesterday. Prices closed nearer the session low yesterday. Prices are hovering near a 5.5-month low. Bears have the overall near-term technical advantage. Prices are in a five-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 1.5874. Bears’ next downside technical breakout objective is closing prices below solid support at 1.5500. First resistance is seen at 1.5700 and then at 1.5750. First support is seen at last week’s low of 1.5627 and then at 1.5600. Wyckoff’s Market Rating: 3.0.
The March U.S. dollar index closed up 6 points at 80.38 yesterday. Prices closed nearer the session high yesterday and hit another fresh four-week high on short covering. The bears still have the overall near-term technical advantage. However, the dollar index bulls have gained upside technical momentum recently. Bulls’ next upside price breakout objective is to close prices above solid technical resistance at the January high of 80.99. The next downside price breakout objective for the bears is to produce a close below solid technical support at 79.40. Next resistance lies at yesterday’s high of 80.47 and then at 80.75. First support is seen at 80.00 and then at 79.75. Wyckoff’s Market Rating: 3.5.
