The September U.S. dollar index is weaker in early morning electronic dealings, following solid losses Thursday. Dollar index bears have gained some near-term technical momentum. Slow stochastics are bearish today. The dollar index finds shorter-term technical resistance at the overnight high of 85.60, and then at 86.00. Shorter-term support is seen at 85.00. The September Euro today finds sell stop orders are likely located just below shorter-term technical support at the overnight low of 1.2723 and then more sell stops just below support at 1.2700. Shorter-term technical resistance for the Euro is seen at the overnight high of 1.2799 and then at 1.2850. Buy stops likely reside just above those shorter-term resistance levels. Slow stochastics for the Euro are bullish.
The metals are trading solidly higher in early morning dealings, and have moved above major resistance at $600.00 an ounce. In August gold, shorter-term technical support for August gold today is seen at $595.00. Sell stops likely reside just below that level, and then just below support at $590.00. Buy stops likely reside just above resistance at the overnight high of $604.80 and then just above shorter-term resistance at $610.00.
Prices are trading slightly higher in early electronic dealings. Prices hit a fresh four-week high overnight. In August crude, look for buy stops to reside just above resistance at the overnight high of $73.85 and then at just above solid resistance at $74.50. Look for sell stops just below shorter-term support at $73.00, and then just below support at Thursday’s low of $72.15. Bulls have gained fresh upside technical momentum this week and are now eyeing $75.00 a barrel.
Prices were solidly higher in overnight electronic trading. Weather forecasters are calling for hotter and drier weather in the Corn Belt to start the critical growing month of July. Also, the “outside markets” were higher overnight, and that boosted grains in E-CBOT trading overnight. This morning’s all-important USDA updated acreage reports will likely provide for more active trading today, heading into what for many will be a very long holiday weekend. My bias is that weather forecasts will trump today’s USDA data. And, if today’s data is deemed neutral, that will likely add to buying interest, amid ideas of a developing weather market in the grains.