MARKET COMMENTARY ON 19TH MARCH 2009
GBP/USD closed higher on Wednesday and above the 20-day moving average crossing at 1.4139 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If June extends this week's rally, the reaction high crossing at 1.4620 is the next upside target. Closes below today's low crossing at 1.3875 would confirm that a short-term top has been posted.
EUR/USD closed sharply higher on Wednesday as it extends this month's rally. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If June extends this month's rally, the 50% 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.
GBP/USD closed higher on Wednesday and above the 20-day moving average crossing at 1.4139 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If June extends this week's rally, the reaction high crossing at 1.4620 is the next upside target. Closes below today's low crossing at 1.3875 would confirm that a short-term top has been posted.
EUR/USD closed sharply higher on Wednesday as it extends this month's rally. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If June extends this month's rally, the 50% 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 sharply higher on Wednesday and above last week's high crossing confirming that a low has been posted. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends this week's rally, the 50% retracement level of the December-March decline crossing is the next upside target. Closes below the 10-day moving average crossing would temper the near-term friendly outlook in the market.
USD/CAD closed sharply higher on Wednesday as it extends Monday's breakout 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 remain bullish signaling that sideways to higher prices are possible near-term. If June extends this week's rally, the reaction high crossing is the next upside target. Closes below the 10-day moving average crossing would confirm that a short-term top has been posted.
USD/JPY closed sharply higher on Wednesday and 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing are needed to confirm that a short-term low has been posted. Closes below the reaction low crossing would renew this year's decline.
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