MARKET COMMENTARY ON 23rd MARCH 2009
GBP/USD posted an inside day with a lower close on Friday as it consolidated some of this week's rally. The low- range close sets the stage for a steady to lower opening on Monday. 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 1.4630 is the next upside target. Closes below Wednesday's low crossing at 1.3870 would confirm that a short-term top has been posted.
EUR/USD posted an inside day with a lower close on Friday due to profit taking as it consolidated some of this week's rally. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends this month's rally, the 62% retracement level of the December-March decline crossing at 1.3775 is the next upside target. Closes below the 20-day moving average crossing at 1.2890 would temper the near-term friendly outlook in the market.
USD/CHF posted an inside day with a lower close on Friday as it consolidates below the 50% retracement level of the December-March decline crossing. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If June extends this week's rally, the 62% 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/CAD posted an inside day with a lower close on Friday as it consolidated some of this week's rally. A short covering rally tempered early losses and the mid-range close sets the stage for a steady opening on Monday. 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 posted an inside day with a lower close on Friday as it consolidated some of Thursday's rally. The low- range close sets the stage for a steady to lower opening on Monday. 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 Tuesday's low crossing would confirm that a short-term top has been posted.
GBP/USD posted an inside day with a lower close on Friday as it consolidated some of this week's rally. The low- range close sets the stage for a steady to lower opening on Monday. 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 1.4630 is the next upside target. Closes below Wednesday's low crossing at 1.3870 would confirm that a short-term top has been posted.
EUR/USD posted an inside day with a lower close on Friday due to profit taking as it consolidated some of this week's rally. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends this month's rally, the 62% retracement level of the December-March decline crossing at 1.3775 is the next upside target. Closes below the 20-day moving average crossing at 1.2890 would temper the near-term friendly outlook in the market.
USD/CHF posted an inside day with a lower close on Friday as it consolidates below the 50% retracement level of the December-March decline crossing. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If June extends this week's rally, the 62% 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/CAD posted an inside day with a lower close on Friday as it consolidated some of this week's rally. A short covering rally tempered early losses and the mid-range close sets the stage for a steady opening on Monday. 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 posted an inside day with a lower close on Friday as it consolidated some of Thursday's rally. The low- range close sets the stage for a steady to lower opening on Monday. 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 Tuesday's low crossing would confirm that a short-term top has been posted.
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