MARKET COMMENTARY ON 25TH MARCH 2009
GBP/USD closed higher on Tuesday extending this month's rally. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If June extends this month's rally, February's high crossing at 1.4930 is the next upside target. Closes below the 20- day moving average crossing at 1.4200 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1.4752. Second resistance is February's high crossing at 1.4910. First support is the 10-day moving average crossing at 1.4245. Second support is the 20-day moving average crossing at 1.4168.
GBP/USD closed higher on Tuesday extending this month's rally. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If June extends this month's rally, February's high crossing at 1.4930 is the next upside target. Closes below the 20- day moving average crossing at 1.4200 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1.4752. Second resistance is February's high crossing at 1.4910. First support is the 10-day moving average crossing at 1.4245. Second support is the 20-day moving average crossing at 1.4168.
EUR/USD closed lower on Tuesday and below the 50% retracement level of the December-March decline crossing at 1.3520. The low-range close sets the stage for a steady to lower opening on Wednesday. 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 1.3770 is the next upside target. Closes below the 20-day moving average crossing at 1.2948 would temper the near-term friendly outlook in the market.
USD/CHF posted an inside day with a lower close on Tuesday as it consolidates below the 50% retracement level of the December-March decline crossing. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are becoming overbought but remain 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 confirm that a short-term top has been posted.
USD/CAD closed higher on Tuesday as it extended this month's rally. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If June extends this month's rally, the reaction high crossing is the next upside target. Closes below the 20- day moving average crossing would confirm that a short-term top has been posted.
USD/JPY closed lower on Tuesday and below the 20-day moving average. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near-term. Closes below last Tuesday's low crossing would confirm that a short-term top has been posted. If June renews this month's rally, the reaction high crossing at 100.20 is the next upside target.
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