Euro FX Grasps For A Foothold
face=”Arial, Helvetica”>Due
to a scheduling conflict, Dave Landry will be unable to
perform his usual prescient analysis of the futures markets
in this forum. I will be sharing my insights with you until
he returns on Monday, June 26. — Marc Dupee.
face=”Arial, Helvetica”>After five consecutive lower closes,
the euro FX
(
ECU0 |
Quote |
Chart |
News |
PowerRating) is due for a rebound. The contract
has solid support at the .94000 area, which coincides with
the bottom of the April 25 gap and the consolidation area
formed during the last days in May. Look to go long here,
with protective stops just below .94000.
face=”Arial, Helvetica”>Also in the currencies, the Japanese
yen
(
JYU0 |
Quote |
Chart |
News |
PowerRating) still has more upside to achieve in
fulfilling its objective out of a diamond-bottom reversal.
The yen also closed above the midpoint of Thursday’s
thrust-bar and above the June 6 high. Look for a long entry
in this market.
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face=”Arial, Helvetica”>In the energies, natural gas
(
NGQ0 |
Quote |
Chart |
News |
PowerRating) made good on its
Soup Plus One Sell signal Friday and finished weakly.
Look for this market to continue reversing and moving lower.
face=”Arial, Helvetica”>Going the other way in the energies,
crude oil
(
CLQ0 |
Quote |
Chart |
News |
PowerRating) and unleaded gas
(
HUQ0 |
Quote |
Chart |
News |
PowerRating), on the
List, etched new contract highs — a constructive sign
after steep drives higher. Look to go long — or stay long
— in these futures.
August gold
(
GCQ0 |
Quote |
Chart |
News |
PowerRating) closed at a new 10-day low, and into
the window of the June 6 gap in a formation that implies the
contract will break down. In addition, gold is on the
Days Low Volatility List, meaning that it could make a
larger-than-normal move (although volatility bursts can
occur in either direction). Look to go short here. There is
strong resistance at 288, a good location to place
protective stops above, or to initiate shorts should the
contract probe the upside in Monday’s trading.
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face=”Arial, Helvetica”>Best of luck in your trading on
Monday!
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