The September U.S. dollar index is higher in early morning dealings, on a corrective bounce from recent losses. Slow stochastics are bearish again today. The dollar index finds shorter-term technical resistance at the overnight high of 86.15 and then at 86.50. Shorter-term support is seen at last week’s low of 85.55 and then at 85.00. The September Euro is lower in early trading. Price action so far today is scoring a bearish “outside day” down on the daily bar chart. The Euro today finds sell stop orders are likely located just below shorter-term technical support at the overnight low of 1.2655 and then more sell stops just below support at 1.2600. Shorter-term technical resistance for the Euro is seen at 1.2700 and then at the overnight high of 1.2754. Buy stops likely reside just above those shorter-term resistance levels. Slow stochastics for the Euro are bullish.
Gold is trading lower in early morning dealings, and hit a fresh three-week low. In August gold, shorter-term technical support is seen at the overnight low of $612.20. Sell stops likely reside just below that level, and then heavier sell stops just below major psychological support at $600.00. Buy stops likely reside just above resistance at the overnight high of $621.20 and then heavier buy stops just above solid resistance at $625.00.
Prices are trading lower in early electronic dealings, following recent strong losses. Bears still have some near-term downside technical momentum on their side. In September crude, look for buy stops to reside just above resistance at $74.00 and then at the overnight high of $74.70. Look for sell stops just below shorter-term support at the overnight low of $73.50, and then more stops just below support at $73.00.
Prices were mostly higher in overnight electronic trading. Corn and soybeans were firmer on hot an dry forecasts for the Corn Belt this week. Wheat was lower overnight on a corrective pullback from good gains seen last week. Bears had had a very good week in the corn and soybeans last week, and those markets are short-term oversold, technically, and due for at least a corrective bounce very soon.