Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the disable-gutenberg domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/jwl23/public_html/rd.johnlander.me/wp-includes/functions.php on line 6131
Daily Spot: Currencies – If, Then… Market Timing

Daily Spot: Currencies

By Rod David | March 28, 2011 - 6:01 pm

A weekly summary of one complex, including daily updates of other developments elsewhere.[pay]

Dollar Basket Jun (DXM) Working higher, despite the down-day. Monday’s gap up was in-line with mimicking Friday’s action, but the balance of the session fell into negative territory. The gap up wanting to be retested should limit the pullback to 76.05-76.10, and should help to resume the rally targeting 76.95-77.00.

Gold Apr (GCJ) Misplaced buying pressure. Monday’s opening gap down to test 1416.00 came after Friday’s low had held a test of 1424.00 that robbed sellers of their traction. Extending down further wasn’t likely, so a bounce attacked 1424.00. Monday’s 1411.00 open will want to be filled, which should inhibit the bounce from gaining any traction.

30-year Treasury Jun (USM) It’s time to recover, or not to recover at all. Despite gapping down Monday and probing fresh lows, the 120’16 recovery signal was tested by noon. Testing 120’16 without recovering it now makes the new buy signal a close above 120’25. Closing under 119’28 would signal a bigger downleg underway targeting 117’02.

Crude Oil Jun (CLM) Dumping ballast, flushing out sellers, same thing. [May contract is priced about 25-cents less than June] Last week’s several consecutive days of ranging narrowly around the rally’s 105.75 target finally pulled back Monday. The pullback is not a buy signal, but it clears the way for a buy signal triggered above 104.82 targeting new highs. Otherwise, a close under 103.62 would probably take new highs off the table.

Natural Gas May (NGK) Target met. Sunday night’s open immediately tested the 4.55 target. A reaction down before the open was recovered to fulfill 4.55 intraday. And a more sizable reaction down left no unfinished business above. Closing under 4.30 would suggest the rally was done. There is otherwise no active pattern without first closing above 4.55.

[/pay]

Share your questions and comments on this post in the blog, or in the chartroom…

Daily Spot coverage schedule is: Currencies (Mon), Metals (Tue), Energies (Wed), Rates (Thu), Weekender (Fri).

Posted in Daily Spot