Commodity and Stocks Expected to Be Supported by Demand for Risky Assets
Commodity and stock prices are expected to continue to see
support from investors demanded higher yields although short-term overbought
conditions may limit upside action.Traders are citing the stronger global economy and low interest rates in
the U.S as two reasons for the renewed interest in higher yielding assets.
stock indices continued its surge to the upside overnight on the heels of
higher equity markets in Asia and Europe.
Despite the stronger demand for higher yielding assets, U.S.
Treasury Bonds and T-Notes are trading higher overnight.A support base is being built in the March
Treasury Bonds which indicates that a value zone may have been reached.A trade through the last main top at 115â€™29
will turn the main trend to up and indicate further upside potential.A minor bottom has been reached in the March
Treasury Notes which could launch a retracement to 116â€™24.
The weaker Dollar is helping to support February Gold.The main trend turned up on the daily chart,
putting this market on path for a potential retracement to $1151.30 to $1169.30
over the near term.
March Crude Oil traded higher overnight. One-by-one a series
of tops is being taken out. These tops include 81.52 and 82.30.The next two upside targets are 82.81 and
83.60.Stronger manufacturing numbers
are triggering expectations for a rise in demand for oil products.
The U.S. Dollar continued its New Year slide as investors
sought higher risk assets.Overnight an
index representing a trade weighted basket of currencies turned it main trend
down on the daily chart on a trade through 77.32.The chart pattern now suggests a correction
to 76.31 to 75.80 is imminent. This move would represent a normal retracement
of the entire 74.17 to 78.45 rally.
The March Euro continues to show strength.The current chart pattern suggests a move to
1.4680 is likely over the short-run.Minor resistance at 1.4503 could slow down the current upside momentum.
The main trend remains down in the March British Pound but
buyers could step in now that the British Pound has retraced its recent
three-day rally.The short-term range is
1.5832 to 1.6240.The retracement of
this range is 1.6036 to 1.5988.If the
trend is getting ready to turn higher, then look for buyers to begin to step
The March Japanese Yen continues to strengthen following
yesterdayâ€™s closing price reversal bottom. Last nightâ€™s follow-through to the
upside was confirmed which could mean the start of a correction all the way
back to 1.1318.The first upside
objective today is 1.0951 which is a downtrending Gann angle from the 1.1789 top.
The March Swiss Franc is also showing overnight strength.Based on the range of 1.0090 to .9522,
traders should watch for a correction to .9606 to .9873 before new sellers step
Rising gold and crude oil prices as well as firm equity
market are helping to underpin the March Canadian Dollar.The main trend is up with .9741 the next upside
objective.A key retracement level at .9574
is the new support.
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