Replies to post #61 on FX (fka )

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U.S. Dollar Resumes Weaker Ways in Early Dealings

CURRENCIES

The December U.S. dollar index is lower in early trading today, and hit a fresh contract and all-time low overnight. Bears still have downside technical momentum. Slow stochastics for the dollar index are bearish early today. The dollar index finds shorter-term technical resistance at the overnight high of 77.21 and then at 77.53. Shorter-term support is seen at the overnight contract low of 77.01 and then at 76.75. Today's key near-term Fibonacci support/resistance level: 77.47 Wyckoff's Intra Day Market Rating: 2.0

The December Euro is higher in early electronic trading and hit a fresh contract and all-time high overnight. The Euro finds sell stop orders are likely located just below technical support at the overnight low of 1.4297 and then more stops just below support at 1.4250. Shorter-term technical resistance for the Euro is seen at the overnight contract high of 1.4355 and then at 1.4400. Buy stops likely reside just above those levels. Slow stochastics for the Euro are bullish early today. Today's key near-term Fibonacci support/resistance level: 1.4278. Wyckoff's Intra Day Market Rating: 8.0

GOLD

Gold is trading solidly higher in early dealings today and hit a fresh 11-month high overnight. For December gold, shorter-term technical support is seen at $775.00 and then at the overnight low of $771.80. Sell stops likely reside just below those levels. Buy stops likely reside just above resistance at the overnight high of $782.20 and then just above resistance at $785.00. Today's key near-term Fibonacci support/resistance level: $770.00. Wyckoff's Intra-Day Market Rating: 8.5

CRUDE OIL

Crude oil prices are solidly higher in early electronic dealings and set new highs again overnight. In December crude, look for buy stops to reside just above resistance at the contract high of $92.22 and then just above resistance at $93.00. Look for sell stops just below technical support at the overnight low of $90.20, and then more sell stops just below support at $89.00. Today's key near-term Fibonacci support/resistance level: $89.50. Wyckoff's Intra-Day Market Rating: 9.0

GRAINS

Prices were higher in overnight trading, amid solid gains overnight in the key “outside markets” like gold and crude. The U.S. dollar is also weaker, which is bullish for grains at present. Wheat bears still have some downside technical momentum, and if wheat sees sharp losses today, then corn and soybeans will find gains limited.

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FXstreet.com (Barcelona) – Consumer confidence fell to the level of 80.9 points in October, from the 83.4 points registered in September, according to the latest report by University of Michigan.

The market consensus was a smaller decline to the level of 82.0 points. Current Conditions Index dropped to the level 97.6 points in October from the 97.9 points posted in September. Expectations registered a reading of 70.1 points in October, down from the 74.1 points in previous month.

The decline in confidence was mostly due to the decreasing home prices. The report also remarks that confidence index remains above the level which signals imminent recession.