Morning Market Report: Currencies

By Ino.com

currenciesThe following is excerpted from a daily report that also includes stock markets, commodities, currencies and interest rates.  Sign up for free.

The September Dollar closed lower on Tuesday as it consolidated some of the rally off last Thursday’s low. The mid-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the aforementioned rally, the 62% retracement level of the February-May-decline crossing at 97.53 is the next upside target. Closes below the 20-day moving average crossing at 94.58 would confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 96.86. Second resistance is the 62% retracement level of the February-May-decline crossing at 97.53. First support is Thursday’s low crossing at 93.02. Second support is May’s low crossing at 92.00.

The September Euro closed higher on Tuesday as it consolidated some of the decline off last Friday’s high. The mid-range close sets the stage for a steady 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 September renews the decline off June’s high, March’s low crossing at 108.980 is the next downside target. Closes above the 20-day moving average crossing at 112.92 are needed to confirm that a short-term low has been posted. First resistance is last Friday’s high crossing at 114.55. Second resistance is May’s high crossing at 116.65. First support is the 75% retracement level of the December-May-rally crossing at 109.21. Second support is the 87% retracement level of the December-May-rally crossing at 108.01.

The September British Pound closed higher due to short covering on Tuesday as it consolidated some of the huge decline off last Friday’s high. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the aforementioned decline, long-term support crossing at 1.2550 is the next downside target. Closes above the 20-day moving average crossing at 1.4295 would confirm that a short-term low has been posted. First resistance is last Friday’s high crossing at 1.5009. Second resistance is last December’s high crossing at 1.5239. First support is Monday’s low crossing at 1.3133. Second support is long-term support crossing at 1.2550.

The September Swiss Franc closed lower on Tuesday as it extended the decline off last Thursday’s high. 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 September extends the decline off last Thursday’s high, May’s low crossing at 1.0103 is the next downside target. Closes above the 10-day moving average crossing at 1.0404 would confirm that a short-term low has been posted. First resistance is last Thursday’s high crossing at 1.0552. Second resistance is the reaction high crossing at 1.0600. First support is the reaction low crossing at 1.0131. Second support is May’s low crossing at 1.0103.

The September Canadian Dollar closed higher on Tuesday as it consolidates some of the decline off last Thursday’s high. The mid-range close sets the stage for a steady 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 September extends the aforementioned decline, the 38% retracement level of the January-May-rally crossing at 75.69 is the next downside target. Closes above the 20-day moving average crossing at 77.66 would confirm that a short-term low has been posted. First resistance is June’s high crossing at 79.02. Second resistance is May’s high crossing at 0.8018. First support is May’s low crossing at 75.87. Second support is the 38% retracement level of the January-May-rally crossing at 75.69.

The September Japanese Yen closed lower due to profit taking on Tuesday as it consolidates some of this year’s rally. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at .9499 are needed to confirm that a short-term top has been posted. If September extends this year’s rally, the 50% retracement level of the 2011-2015-decline crossing at 1.06217 is the next upside target. First resistance is last Friday’s high crossing at 1.01310. Second resistance is the 50% retracement level of the 2011-2015-decline crossing at 1.06217. First support is the 20-day moving average crossing at .9499. Second support is the reaction low crossing at .9298.

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