MARKET COMMENTARY ON 18TH MARCH 2009
GBP/USD posted an inside day with a lower close on Tuesday but remains above the 10-day moving average crossing at 1.3970. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 1.4140 are needed to confirm that a bottom has been posted. If June renews last week's decline, January's low crossing at 1.3630 is the next downside target.
EUR/USD closed higher on Monday as it extends this month's rally. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near- term. If June extends this month's rally, the 38% retracement level of the December-March decline crossing at 1.3260 is the next upside target. Closes below the 20-day moving average crossing at 1.2750 would temper the near-term friendly outlook in the market.
GBP/USD posted an inside day with a lower close on Tuesday but remains above the 10-day moving average crossing at 1.3970. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 1.4140 are needed to confirm that a bottom has been posted. If June renews last week's decline, January's low crossing at 1.3630 is the next downside target.
EUR/USD closed higher on Monday as it extends this month's rally. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near- term. If June extends this month's rally, the 38% retracement level of the December-March decline crossing at 1.3260 is the next upside target. Closes below the 20-day moving average crossing at 1.2750 would temper the near-term friendly outlook in the market.
USD/CHF closed higher on Tuesday due to short covering as it consolidated some of last Thursday's decline. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. Closes above the 20-day moving average crossing would temper the near-term friendly outlook in the market. Closes above the reaction high crossing are needed to renew the rally off February's low.
USD/CAD closed lower on Tuesday due to profit taking but remains above the 20-day moving average crossing. The high-range close sets the stage for a steady to higher opening on Wednesday. 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 Tuesday 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 Wednesday. Stochastics and the RSI are 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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