MARKET COMMENTARY ON 17TH MARCH 2009
GBP/USD closed higher due to short covering on Monday and above the 10-day moving average crossing signaling that a short-term low has been posted. The mid-range close sets the stage for a steady opening on Tuesday. 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 bottom has been posted. If June renews last week's decline, January's low crossing is the next downside target.
EUR/USD closed higher on Monday as it extends last week's breakout above the 20-day moving average. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are bullish signaling that a low might be in or is near. If June extends this month's rally, the 38% retracement level of the December-March decline crossing is the next upside target. Closes below the 20-day moving average crossing would temper the near-term friendly outlook in the market.
USD/CHF closed higher on Monday due to short covering as it consolidated some of last Thursday's decline. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If June extends last 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 on Monday and above the 20-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If June renews this year's decline, weekly support crossing is the next downside target.
USD/JPY closed lower on Monday 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 Tuesday. Stochastics and the RSI are turning bullish hinting that a short-term 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, the 75% retracement level of the August- January rally crossing is the next downside target.
GBP/USD closed higher due to short covering on Monday and above the 10-day moving average crossing signaling that a short-term low has been posted. The mid-range close sets the stage for a steady opening on Tuesday. 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 bottom has been posted. If June renews last week's decline, January's low crossing is the next downside target.
EUR/USD closed higher on Monday as it extends last week's breakout above the 20-day moving average. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are bullish signaling that a low might be in or is near. If June extends this month's rally, the 38% retracement level of the December-March decline crossing is the next upside target. Closes below the 20-day moving average crossing would temper the near-term friendly outlook in the market.
USD/CHF closed higher on Monday due to short covering as it consolidated some of last Thursday's decline. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If June extends last 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 on Monday and above the 20-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If June renews this year's decline, weekly support crossing is the next downside target.
USD/JPY closed lower on Monday 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 Tuesday. Stochastics and the RSI are turning bullish hinting that a short-term 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, the 75% retracement level of the August- January rally crossing is the next downside target.
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