MARKET COMMENTARY ON 16TH MARCH 2009
GBP/USD closed higher due to short covering on Friday as it consolidated some of this week's decline. The mid- range close sets the stage for a steady opening on Monday. Stochastics and the RSI are oversold and 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 bottom has been posted. If June renews this week's decline, January's low crossing at 1.3620 is the next downside target.
EUR/USD closed higher on Friday as it extends this week's breakout above the 20-day moving average. The mid-range close sets the stage for a steady opening on Monday. 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. Closes below the 10-day moving average crossing would temper the near-term friendly outlook in the market.
GBP/USD closed higher due to short covering on Friday as it consolidated some of this week's decline. The mid- range close sets the stage for a steady opening on Monday. Stochastics and the RSI are oversold and 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 bottom has been posted. If June renews this week's decline, January's low crossing at 1.3620 is the next downside target.
EUR/USD closed higher on Friday as it extends this week's breakout above the 20-day moving average. The mid-range close sets the stage for a steady opening on Monday. 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. Closes below the 10-day moving average crossing would temper the near-term friendly outlook in the market.
USD/CHF posted an inside day with a higher close on Friday as it consolidated some of Thursday's decline. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If June extends this week's decline, October's low crossing is the next downside target. Closes above the reaction high crossing are needed to renew the rally off February's low.
USD/CAD closed higher due to short covering on Friday as it extends the rebound off this week's low. Profit taking tempered early gains and the mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI have turned 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.
USD/JPY closed slightly lower on Friday but remains above the 62% retracement level of the August-January rally crossing. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are turning bullish hinting that a short-term low might be in or is near. Closes above Thursday's high crossing are needed to confirm that a short-term low has been posted. If June renews this year's decline, the 75% retracement level of the August- January rally crossing is the next downside target.
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