MARKET COMMENTARY ON 11TH MARCH 2009
GBP/USD closed lower on Tuesday as it extended the decline off February's high. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March 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 slightly higher on Tuesday but remains below the 20-day moving average crossing. The low- range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI have turned bullish signaling that a low might be in or is near. Closes above the reaction high crossing are needed to confirm that a short-term low has been posted. If March renews this year's decline, November's low crossing is the next downside target.
USD/CHF closed higher on Tuesday as it consolidated some of last Friday's rally but remains below the 20-day moving average crossing. The low-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing are needed to renew the rally off February's high.
USD/CAD closed lower due to short covering on Tuesday as it consolidates below December's low crossing. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are oversold but are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing are needed to confirm that a long-term high has been posted.
USD/JPY closed slightly lower on Tuesday as it consolidates above the retracement level of the August- January rally crossing. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but are neutral to bullish hinting that a short-term low might be in or is near. Closes below the 20-day moving average crossing are needed to confirm that a short-term high has been posted.
GBP/USD closed lower on Tuesday as it extended the decline off February's high. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March 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 slightly higher on Tuesday but remains below the 20-day moving average crossing. The low- range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI have turned bullish signaling that a low might be in or is near. Closes above the reaction high crossing are needed to confirm that a short-term low has been posted. If March renews this year's decline, November's low crossing is the next downside target.
USD/CHF closed higher on Tuesday as it consolidated some of last Friday's rally but remains below the 20-day moving average crossing. The low-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing are needed to renew the rally off February's high.
USD/CAD closed lower due to short covering on Tuesday as it consolidates below December's low crossing. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are oversold but are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 20-day moving average crossing are needed to confirm that a long-term high has been posted.
USD/JPY closed slightly lower on Tuesday as it consolidates above the retracement level of the August- January rally crossing. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but are neutral to bullish hinting that a short-term low might be in or is near. Closes below the 20-day moving average crossing are needed to confirm that a short-term high has been posted.
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