MARKET COMMENTARY ON 26TH MARCH 2009
GBP/USD closed lower due to profit taking on Wednesday as it consolidated some of this month's rally. The low- range close sets the stage for a steady to lower opening on Thursday. 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, February's high crossing at 1.4910 is the next upside target. Closes below the 20-day moving average crossing at 1.4185 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 1.4778. Second resistance is February's high crossing at 1.4910. First support is the 10-day moving average crossing at 1.4322. Second support is the 20-day moving average crossing at 1.4185.
EUR/USD closed higher on Wednesday and above the 50% retracement level of the December-March decline crossing at 1.3525. The mid-range close sets the stage for a steady opening on Thursday. 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 1.3758 is the next upside target. Closes below the 20-day moving average crossing at 1.3025 would confirm that a short-term top has been posted.
USD/CHF closed higher on Wednesday but remains below the 50% retracement level of the December-March decline crossing. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are 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 lower due to profit taking on Wednesday as it consolidated some of this month's rally. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought but 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 higher due to short covering on Wednesday as it consolidates some of Monday's decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI have turned 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 100.55 is the next upside target.
GBP/USD closed lower due to profit taking on Wednesday as it consolidated some of this month's rally. The low- range close sets the stage for a steady to lower opening on Thursday. 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, February's high crossing at 1.4910 is the next upside target. Closes below the 20-day moving average crossing at 1.4185 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 1.4778. Second resistance is February's high crossing at 1.4910. First support is the 10-day moving average crossing at 1.4322. Second support is the 20-day moving average crossing at 1.4185.
EUR/USD closed higher on Wednesday and above the 50% retracement level of the December-March decline crossing at 1.3525. The mid-range close sets the stage for a steady opening on Thursday. 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 1.3758 is the next upside target. Closes below the 20-day moving average crossing at 1.3025 would confirm that a short-term top has been posted.
USD/CHF closed higher on Wednesday but remains below the 50% retracement level of the December-March decline crossing. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are 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 lower due to profit taking on Wednesday as it consolidated some of this month's rally. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought but 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 higher due to short covering on Wednesday as it consolidates some of Monday's decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI have turned 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 100.55 is the next upside target.
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