The September U.S. dollar index is slightly lower in early morning dealings. Slow stochastics are bullish today. The dollar index finds shorter-term technical resistance at Wednesday’s high of 85.75 and then at 86.00. Shorter-term support is seen at 85.35 and then at 85.00. The September Euro is slightly lower in early trading. The Euro today finds sell stop orders are likely located just below shorter-term technical support at Wednesday’s low of 1.2731 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 1.2785 and then at 1.2800. Buy stops likely reside just above those shorter-term resistance levels. Slow stochastics for the Euro are bearish.
Gold is trading slightly higher in early morning dealings. In August gold, shorter-term technical support is seen at the overnight low of $646.00. Sell stops likely reside just below that level, and then just below support at $640.00. Buy stops likely reside just above solid resistance at Wednesday’s high of $657.00 and then more buy stops just above resistance at $660.00.
Prices are trading solidly higher in early electronic dealings, as nearby futures hit a record high overnight. In August crude, look for buy stops to reside just above resistance at the overnight high of $75.89 and then at just above resistance at $76.00. Look for sell stops just below shorter-term support at the overnight low of $74.91, and then just below support at $74.50.
Prices were solidly lower in overnight electronic trading. Weather forecasters now are not in complete agreement on weather forecasts for next week. Some are calling for less heat and better chances for rain events in the western Corn Belt. Traders will also scrutinize today’s USDA weekly export sales data. Grain traders will continue to watch the “outside markets.” Higher gold and record high crude oil prices today will limit selling interest in grains. My bias is still that dips will be buying opportunities in the grains.