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Euro “EC” (Jun)
Coverage for May 15
Any close above Friday's high was likely to extend sharply higher before resuming the decline. But although Monday's close was above Friday's high, it wasn't above Monday's open. In fact, after gapping up, the entire session ranged narrowly through the close. This isn't as bullish as trending up intraday would have been, so any higher high would now be likely to resolve in the decline's resumption.
Resistance: 1.3570 and 1.3620
Support: 1.3505 and 1.3460
British Pound “BP” (Jun)
Coverage for May 15
An immediate resumption of the decline was needed to avoid letting buyers gain traction for a more substantial bounce. Monday's open did gap down and the session closed at new session lows, so sellers continue to get a benefit of the doubt. But now that sellers are attempting to trend and their efforts have yet to be productive (Monday was an inside day), the decline must continue without delay in order to avoid letting buyers gain traction.
Resistance: 1.9825 and 1.9900
Support: 1.9730 and 1.9605
Swiss Franc “SF” (Jun)
Coverage for May 15
Buyers hadn't regained any traction Friday, but sellers didn't exploit their hesitation Monday. Monday's open gapped down and the balance of the session ranged sideways in negative territory. It's very possible that this pattern is dead money for a couple of days.
Resistance: .8245 and .8280
Support: .8200 and .8175
Japanese Yen “JY” (Jun)
Coverage for May 15
The decline was unlikely to resume in the near-term, despite the likelihood for eventually resuming the decline. Monday's open gapped down to attack last week's lows but the pattern immediately began a session-long narrow range through the close. So long as sellers are unproductive (no new low) this low will be considered the lower-end of a longer-term trading range.
Resistance: .8400 and .8480
Support: .8310 and .8265
Australian Dollar “AD” (Jun)
Coverage for May 15
Friday's The "ineffectual optimism" wasn't going to prevent a higher high, but it would doom to failure a higher high if attempted. In fact, Monday's open did gap up and then extend to a higher high. But despite the open's gap up and despite the balance of the session ranging sideways in positive territory, the prior highs held resistance. The pattern continues to be toppy and likely to resolve in a new downleg.
Resistance: .8320 and .8360
Support: .8280 and .8240
Canadian Dollar “CD” (Jun)
Coverage for May 15
The above coverage describes "ineffectual optimism" among several markets. The $CAD displayed "ineffectual pessimism" Friday by gapping down and trading negative throughout the day but still closing back above the prior low. The consequence was Monday's steep gap up. Now the pattern should range widely around Monday's close but not begin trending for awhile.
Resistance: .9060 and .9085
Support: .9010 and .8935
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