Morning Market Report; Currencies

By Ino.com

Currencies

currenciesThe December Dollar closed higher on Tuesday and above the 10-day moving average crossing at 95.35 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the decline off August’s high, the 75% retracement level of the May-July-rally crossing at 93.47 is the next downside target. First resistance is the reaction high crossing at 96.21. Second resistance is August’s high crossing at 96.45. First support is the 62% retracement level of the May-July-rally crossing at 94.20. Second support is the 75% retracement level of the May-July-rally crossing at 93.47.

The December Euro closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off August’s high, the late-August’s low crossing at 111.76 is the next downside target. If December extends the rally off the late-August low, August’s high crossing at 114.21 is the next upside target. First resistance is last Thursday’s high crossing at 113.73. Second resistance is August’s high crossing at 114.21. First support is the late-August’s low crossing at 111.76. Second support is August’s low crossing at 111.09.

The December British Pound closed lower on Tuesday and below the 20-day moving average crossing at 1.3223 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends today’s decline, the reaction low crossing at 1.3090 is the next downside target. If December resumes the rally off August’s low, the reaction high crossing at 1.3542 is the next upside target. First resistance is the reaction high crossing at 1.3501. Second resistance is the reaction high crossing at 1.3542. First support is the reaction low crossing at 1.3090. Second support is August’s low crossing at 1.2897.

The December Swiss Franc closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral signaling that sideways to lower prices are possible near-term. If December resumes the decline off August’s high, July’s low crossing at 1.0141 is the next downside target. If December renews the rally off September’s low, August’s high crossing at 1.0556 is the next upside target. First resistance is last Thursday’s high crossing at 1.0418. Second resistance is the reaction high crossing at 1.0448. First support is September’s low crossing at 1.0187. Second support is July’s low crossing at 1.0141.

The December Canadian Dollar closed lower on Tuesday as it extends last week’s decline. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this month’s decline, July’s low crossing at 75.50 is the next downside target. Closes above the 20-day moving average crossing at 77.19 would confirm that a low has been posted. First resistance is August’s high crossing at 78.38. Second resistance is June’s high crossing at 78.99. First support is August’s low crossing at 75.80. Second support is July’s low crossing at 75.50.

The December Japanese Yen closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes above the 20-day moving average crossing at 0.9891 are needed to confirm that a short-term low has been posted. If December renews the decline off August’s high, the 75% retracement level of the aforementioned rally crossing at 0.9544 is the next downside target. First resistance is the 20-day moving average crossing at 0.9891. Second resistance is August’s high crossing at 1.0095. First support is the 62% retracement level of the July-August’s rally crossing at 0.9641. Second support is 75% retracement level of the aforementioned rally crossing at 0.9544.

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