CURRENCIES: The September Euro currency closed up 23 points at 1.3359 yesterday. Prices closed nearer the session high yesterday and hit another fresh four-month high. Bulls have the overall near-term technical advantage and have upside momentum on their side. Euro bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at 1.3500. The next downside price breakout objective for the bears is closing prices below solid chart support at 1.3100. First resistance for the Euro lies at yesterday’s high of 1.3398 and then at 1.3450. Next support is seen at 1.3300 and then at Wednesday’s low of 1.3272. Wyckoff’s Market Rating: 6.0
The September Japanese yen closed up 65 points at 1.0523 yesterday. Prices closed near mid-range yesterday and hit a fresh nine-week high. Bears still have the overall near-term technical advantage, but the bulls have gained good upside momentum to suggest a market bottom is in place. Bulls’ next upside price breakout objective is closing prices above solid resistance at the April high of 1.0810. Bears’ next downside breakout objective is closing prices below solid technical support at 1.0100. First resistance is seen at 1.0600 and then at yesterday’s high of 1.0669. First support is seen at yesterday’s low of 1.0426 and then at 1.0300. Wyckoff’s Market Rating: 4.0.
The September Swiss franc closed down 1 point at 1.0856 yesterday. Prices closed nearer the session low and did hit another fresh four-month high yesterday. The bulls have the near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid resistance at 1.1000. The next downside price breakout objective for the bears is closing prices below solid technical support at this week’s low of 1.0629. First resistance is seen at Wednesday’s high of 1.0912 and then at yesterday’s high of 1.0962. First support is seen at Wednesday’s low of 1.0780 and then at 1.0750. Wyckoff’s Market Rating: 6.0.
The September Australian dollar closed up 127 points at .9551 yesterday. Prices closed nearer the session high yesterday and saw more short covering in a bear market. The bears still have the overall near-term technical advantage. Bulls’ next upside price breakout objective is closing prices above solid chart resistance at the June high of .9719. The next downside breakout objective for the bears is to produce a close below solid technical support at this week’s contract low of .9262. First resistance is seen at .9600 and then at .9650. Next support is seen at .9500 and then at .9400. Wyckoff’s Market Rating: 2.0
The September Canadian dollar closed up 39 points at .9808 yesterday. Prices closed nearer the session high yesterday, hit a fresh four-week high and scored a bullish “outside day” up on the daily bar chart. Bears still have the near-term technical advantage. Bulls’ next upside price breakout objective is producing a close above chart resistance at .9875. The next downside price breakout objective for the bears is closing prices below solid technical support at .9675. First resistance is seen at yesterday’s high of .9834 and then at .9850. First support is seen at yesterday’s low of .9757 and then at this week’s low of .9732. Wyckoff’s Market Rating: 3.5.
The September British pound closed up 17 points at 1.5684 yesterday. Prices closed near mid-range and did hit another fresh four-month high yesterday. Bulls have the overall near-term technical advantage. Prices are in a steep two-week-old uptrend on the daily bar chart. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the February high of 1.5781. Bears’ next downside technical breakout objective is closing prices below solid support at 1.5400. First resistance is seen at yesterday’s high of 1.5728 and then at 1.5781. First support is seen at Wednesday’s low of 1.5623 and then at 1.5580. Wyckoff’s Market Rating: 6.5.
The September U.S. dollar index closed down .237 at 80.930 yesterday. Prices closed near mid-range hit another fresh four-month low yesterday. The bears have the near-term technical advantage. Prices are in a three-week-old downtrend on the daily bar chart. Bulls’ next upside price breakout objective is to close prices above solid technical resistance at this week’s high of 82.355. The next downside price breakout objective for the bears is to produce a close below solid technical support at 80.000. Next resistance lies at yesterday’s high of 81.210 and then at 81.510. First support is seen at yesterday’s low of 80.710 and then at 80.500. Wyckoff’s Market Rating: 4.0.
