AvidTrader.com covers a wide variety of futures markets each session, throughout the day. Scroll down for today's free look and for a free two-week trial.
Euro "EC" (Dec)
Coverage for Oct. 24
Friday's pullback did not allow a rally to resume Monday. Instead, the open gapped down sharply. But this wasn't necessarily bearish, as the open's drop immediately bottomed upon filling the gap back to Wednesday's close. And now the gap back to Friday's close remains outstanding and likely to attract price higher while meanwhile inhibiting further losses. An early drop under last week's lows would suggest otherwise.
Resistance: 1.2620 and 1.2655
Support: 1.2550 and 1.2525
British Pound "BP" (Dec)
Coverage for Oct. 24
Monday's open gapped down sharply and extended slightly lower before the balance of the session rallied to close above the open's gap. Last Tuesday's prior high held as resistance, so the pattern stopped short of signaling that momentum had reversed up. But any higher close would at least target filling the gap back to Friday's close, which should meanwhile inhibit any attempt to extend the decline.
Resistance: 1.8775 and 1.8850
Support: 1.8675 and 1.8615
Swiss Franc "SF" (Dec)
Coverage for Oct. 24
Friday's pullback did not allow a rally to resume Monday. Instead, the open gapped down sharply. But this wasn't necessarily bearish, as the open's drop immediately bottomed upon nearly filling the gap back to Wednesday's close. And now the gap back to Friday's close remains outstanding and likely to attract price higher while meanwhile inhibiting further losses. An early drop under last week's lows would suggest otherwise.
Resistance: .7980 and .8010
Support: .7900 and .7880
Japanese Yen "JY" (Dec)
Coverage for Oct. 24
The pattern was likely to recover the .8510 level that had broken Friday to signal a deeper pullback underway. But Monday's open gapped down instead, nearly filling the gap back to the prior Friday's close. Actually filling the gap would have been more constructive to forming a bottom and to indicating that sellers had lost traction. So although the gap back to Friday's close should be filled, and would likely inhibit further selling before then, the rally's momentum still has not resumed.
Resistance: .8485 and .8535
Support: .8430 and .8400
Australian Dollar "AD" (Dec)
Coverage for Oct. 24
Monday's open fell to Friday's lows where the balance of the session ranged narrowly until a late probe of new session lows. Thursday's lows were not touched, but they were attacked, so they are likely to be tested a little more thoroughly, perhaps back to last week's prior highs in the .7535 area.
Resistance: .7600 and .7635
Support: .7535 and .7515
Canadian Dollar "CD" (Dec)
Coverage for Oct. 24
A day or two of consolidating last week's rally was likely before resuming the rally, if only to retest Friday's high. Monday's open gapped down under Friday's low, and more importantly, also under Thursday's close, potentially forming an Island Reversal of Friday's price action. September's prior low - which had held a test as support in early October - did hold as support, so the Island might not be valid. Meanwhile, Friday's gap open at new relative highs should be filled, so new lows are not currently projected.
Resistance: .8905 and .8930
Support: .8860 and .8820
AvidTrader.com covers a wide variety of futures markets each session, throughout the day. Try all daily research in real-time without interruption for two weeks free by clicking here now.
THE CONTENTS OF THIS MESSAGE AND ANY ATTACHMENTS THERETO ARE CONSIDERED COPYRIGHTED MATERIAL OF THE SENDER, AND NOT FOR REPRINTING, RESENDING OR PUBLICATION UNLESS SPECIFICALLY AUTHORIZED HEREIN.
(Please note: The information contained on Avid is for informational purposes only. Aggressive trading strategies call for aggressive trading tactics such as well-defined entry and exit points, prudent money management and close monitoring of any open positions. The intellectual and emotional stimulation of fast-paced trading can be addictive, profitable or not.)
