RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

Currencies

US Dollar Holds a Slight Edge into a Large Amount of Data

Posted 03/29/2018 8:41AM CT | Tony Cholly

Dollar: While a slightly positive dollar track is seen from the charts into the initial high today, the index sits roughly 130 points above this week’s lows and the bulls might need mostly positive data flows to extend another leg higher.  However, there is a large amount of scheduled US data today and therefore the prospect of an outlier result would seem to be high.  With the USD also returning to the vicinity of a three-month consolidation zone the risk to fresh longs would appear to be on the rise.  The market is now above the 60-day moving average and suggests for a longer term up-trend.  Resistance comes in at 9019 and 9050 with support at 8930.

Euro:  With the euro ranging down sharply early today in the wake of a rather active flow of scheduled data, it is clear that growth measures in the euro zone were disappointing to the euro overnight.  In the event that personal income and spending figures from the US are even slightly positive that could quickly extend the slide in the Euro.  Resistance comes in at 1244000 and 1252700, while first support comes in at 1231500 and 1228000.

U.S. Dollar Jun ’18 Daily Chart

dollar_jun18_daily_chart

 

Euro Jun ’18 Daily Chart

euro_jun18_daily_chart

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Tony Cholly

Senior Market Strategist
Tony majored in Economics at Eastern Illinois University. He performed his thesis on the market price of corn in the market and the factors that affect it. Tony was drawn to futures trading because of the opportunity to have financial gains in an economic environment. He prides himself on working with customers one-on-one and developing a trading strategy based on the client's needs and wants.
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