Oct. 31, 2006 - 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.
Currencies
Euro “EC” (Dec)
Coverage for Oct. 31The recent steep gains were expected to help pullbacks be short and shallow. So despite gapping down at Monday's open, the balance of the session only ranged narrowly in negative territory. A similar setup resolved down sharply into October's lows, and so could this one. But the sellers did not gain traction Monday, and higher highs remain likely.Resistance: 1.2790 and 1.2825Support: 1.2730 and 1.2695
British Pound “BP” (Dec)
Coverage for Oct. 31Monday's open gapped up to higher highs. The pattern failed to improve through the day, but the gain was maintained through the close, so the rally cannot afford to hesitate in order to avoid letting sellers gain traction.Resistance: 1.9035 and 1.9080Support: 1.8910 and 1.8855
Swiss Franc “SF” (Jan)
Coverage for Oct. 31The recent steep gains were expected to help pullbacks be short and shallow. So despite gapping down at Monday's open, the balance of the session only ranged narrowly in negative territory. A similar setup resolved down sharply into October's lows, and so could this one. But the sellers did not gain traction Monday, and higher highs remain likely.Resistance: .8065 and .8105Support: .8015 and .7990
Japanese Yen “JY” (Dec)
Coverage for Oct. 31Despite gapping up at Monday's open, the balance of the session only ranged narrowly under Friday's highs, and exclusively in positive territory. This "ineffectual optimism" is in-line with expectations that a new rally leg is not yet underway.Resistance: .8600 and .8625Support: .8535 and .8505
Australian Dollar “AD” (Dec)
Coverage for Oct. 31A slightly higher high printed eventually Monday afternoon, after the morning only ranged narrowly around Friday's close. This is not the follow-through needed to support much higher highs, so what the pattern lacks in force needs to be compensated by not allowing a downtick where sellers could gain traction.Resistance: .7700 and .7735Support: .7660 and .7630
Canadian Dollar “CD” (Dec)
Coverage for Oct. 31Friday's gain was maintained through the close, putting into play higher targets. But Monday's open rejected the gain by gapping down sharply back under prior highs. The balance of the session trended down into the close. The pullback fell as far as possible without signaling that momentum had reversed down. A lower close Tuesday would signal a retest of October's lows underway. Otherwise there would remain potential to at least fill the gap back to Friday's close.Resistance: .8930 and .8950Support: .8875 and .8830
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