CURRENCIES: The June Euro currency closed down 30 points at 1.2942 yesterday. Prices closed near the session low yesterday, hit a fresh six-week low and scored a bearish “outside day” down on the daily bar chart. Bears have the near-term technical advantage. Euro bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at the May high of 1.3248. The next downside price breakout objective for the bears is closing prices below solid chart support at the April low of 1.2751. First resistance for the Euro lies at 1.3000 and then at yesterday’s high of 1.3032. Next support is seen at yesterday’s low of 1.2932 and then at 1.2900. Wyckoff’s Market Rating: 4.0
The June Japanese yen closed down 29 points at .9781 yesterday. Prices closed nearer the session low yesterday and hit another fresh contract low. Bears have the solid overall near-term technical advantage and have gained power recently to suggest a fresh leg down in prices in the near term. Bulls’ next upside price breakout objective is closing prices above solid resistance at last week’s high of 1.0147. Bears’ next downside breakout objective is closing prices below solid technical support at .9700. First resistance is seen at yesterday’s high of .9877 and then at .9900. First support is seen at yesterday’s contract low of .9766 and then at .9750. Wyckoff’s Market Rating: 1.0.
The June Swiss franc closed down 73 points at 1.0364 yesterday. Prices closed near the session low and hit a fresh nine-month low yesterday. Prices also scored a big and bearish “outside day” down on the daily bar chart. The bears have the solid near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid resistance at 1.0600. The next downside price breakout objective for the bears is closing prices below solid technical support at 1.0250. First resistance is seen at 1.0450 and then at yesterday’s high of 1.0507. First support is seen at yesterday’s low of 1.0358 and then at 1.0300. Wyckoff’s Market Rating: 2.0.
The June Australian dollar closed down 68 points at .9862 yesterday. Prices closed nearer the session low again yesterday and hit a fresh 11-month low. Prices are in a steep five-week-old downtrend on the daily bar chart. Bears have the solid near-term technical advantage. Bulls’ next upside price breakout objective is closing prices above solid chart resistance at 1.0000. The next downside breakout objective for the bears is to produce a close below solid technical support at .9750. First resistance is seen at .9900 and then at yesterday’s high of .9980. Next support is seen at yesterday’s low of .9857 and then at .9800. Wyckoff’s Market Rating: 2.0
The June Canadian dollar closed down 58 points at .9829 yesterday. Prices closed nearer the session low yesterday and hit a two-week low. Bulls faded yesterday and are now back on a level near-term technical playing field with the bears. Bulls’ next upside price breakout objective is producing a close above chart resistance at last week’s high of .9977. The next downside price breakout objective for the bears is closing prices below solid technical support at .9750. First resistance is seen at .9860 and then at .9900. First support is seen at yesterday’s low of .9814 and then at .9800. Wyckoff’s Market Rating: 5.0.
The June British pound closed down 68 points at 1.5219 yesterday. Prices closed near the session low yesterday and hit a fresh three-week low. Bulls have faded and are now back on a level technical playing field with the bears. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at 1.5450. Bears’ next downside technical breakout objective is closing prices below solid support at 1.5192. First resistance is seen at yesterday’s high of 1.5327 and then at this week’s high of 1.5382. First support is seen at 1.5192 and then at 1.5100. Wyckoff’s Market Rating: 5.0.
The June U.S. dollar index closed up .330 at 83.690 yesterday. Prices closed near the session high, scored a bullish “outside day” up on the daily bar chart and hit a fresh nine-month high yesterday. The bulls have good upside momentum on their side and have the solid near-term technical advantage. Bulls’ next upside price breakout objective is to close prices above solid technical resistance at 84.500. The next downside price breakout objective for the bears is to produce a close below solid technical support at 82.500. Next resistance lies at yesterday’s high of 83.720 and then at 84.000. First support is seen at 83.150 and then at 83.000. Wyckoff’s Market Rating: 7.5.
