GBP/USD closed higher due to short covering on Wednesday as it consolidated some of this week's decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June 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 Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are 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 June renews this year's decline, October's low crossing is the next downside target.
USD/CHF closed higher on Wednesday and extended last Friday's rally above the 20-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing are needed to renew the rally off February's low. Closes below February's low crossing are needed to renew this year's decline.
USD/CAD closed higher due to short covering on Wednesday as it consolidates above December's low crossing. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are oversold but are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this year's decline, weekly support crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.
USD/JPY closed higher on Wednesday as it consolidates above the retracement level of the August-January rally crossing. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning bullish 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. If June extends this year's decline, the 75% retracement level of the August-January rally crossing is the next downside target.
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