MARKET COMMENTARY On 09th March'09
GBP/USD closed lower on Friday and the low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral signalling that sideways to lower prices are possible near-term. If it extends this week's decline, January's low crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a bottom has been posted.
EUR/USD closed higher on Friday due to short covering. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are diverging and turning bullish signalling that a low might be in or is near. Closes above last Monday's high crossing are needed to confirm that a short-term low has been posted. If it renews this year's decline, November's low crossing is the next downside target.
USD/JPY posted an inside day with a lower close on Friday. The low-range close sets the stage for a steady opening on Monday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it renews this year's decline, November's low crossing is the next downside target. Closes above last Monday's high crossing are needed to confirm that a short-term low has been posted.
USD/CHF closed sharply higher on Friday and above the 20-day moving average crossing. The high- range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning bullish signalling that sideways to higher prices are possible near-term. Closes above the reaction high crossing would renew the rally off February's low. Closes below February's low crossing are needed to renew this year's decline.
USD/CAD posted an inside day with a slightly higher close on Friday as it consolidated some of Thursday's decline. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold and are turning neutral hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.
GBP/USD closed lower on Friday and the low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral signalling that sideways to lower prices are possible near-term. If it extends this week's decline, January's low crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a bottom has been posted.
EUR/USD closed higher on Friday due to short covering. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are diverging and turning bullish signalling that a low might be in or is near. Closes above last Monday's high crossing are needed to confirm that a short-term low has been posted. If it renews this year's decline, November's low crossing is the next downside target.
USD/JPY posted an inside day with a lower close on Friday. The low-range close sets the stage for a steady opening on Monday. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible near-term. If it renews this year's decline, November's low crossing is the next downside target. Closes above last Monday's high crossing are needed to confirm that a short-term low has been posted.
USD/CHF closed sharply higher on Friday and above the 20-day moving average crossing. The high- range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning bullish signalling that sideways to higher prices are possible near-term. Closes above the reaction high crossing would renew the rally off February's low. Closes below February's low crossing are needed to renew this year's decline.
USD/CAD posted an inside day with a slightly higher close on Friday as it consolidated some of Thursday's decline. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold and are turning neutral hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.
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